December 9, 2018
An Act Relative to Minimum Wage, Paid Family Medical Leave and the Sales Tax Holiday was signed into law on June 28, 2018 by Massachusetts Governor Charlie Baker. This bill raises the minimum wage to $15 per hour; service rate to $6.75/per hour; mandates paid family and medical leave for Massachusetts employees; phases out Sunday and holiday premium pay for retail employees and creates a permanent sales tax holiday weekend.
● Minimum Wage will incrementally increase to $15/hr on the following schedule
Jan. 1, 2019 - $12
Jan. 1, 2020 - $12.75
Jan. 1, 2021 - $13.50
Jan. 1, 2022 - $14.25
Jan. 1, 2023 - $15.00
● Minimum Wage will incrementally increase to $6.75/hr on the following schedule
Jan. 1, 2019 - $4.35
Jan. 1, 2020 - $4.95
Jan. 1, 2021 - $5.55
Jan. 1, 2022 - $6.15
Jan. 1, 2023 - $6.75
● Minimum Wage calculated per shift not per pay period starting in 2019
● Phases out of retailer’s requirement to pay overtime for Sundays and Holidays
January 1, 2019 OT/holiday rate is 1.4 times regular rate
January 1, 2020 OT/holiday rate is 1.3 times regular rate
January 1, 2021 OT/holiday rate is 1.2 times regular rate
January 1, 2022 OT/holiday rate is 1.1 times regular rate
January 1, 2023 OT/holiday rate is 1.0 times regular rate
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.
Like the old paraphrased saying goes: In this world, two things are certain—death and taxes. The recent federal tax overhaul changed a lot of rules, so it’s as important as ever to understand your tax obligations, including those on Social Security benefits.
New Short-Term Rental Laws in Massachusetts
Today, Massachusetts adopted a new law taxing and regulating the short-term rental market. The following information should help Realtors® navigate the short-term rental market under these new laws and regulations.
What does this new law require?
The new law expands the...