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The Online Advisor

August 2008

New Business

Federal minimum wage increases again


The federal minimum wage increased from $5.85 an hour to $6.55 an hour, effective July 24, 2008.

This increase is part of a three-stage increase in the federal minimum wage mandated by the Small Business and Work Opportunity Act of 2007. The first increase took place July 24, 2007, raising the then-current rate of $5.15 an hour to $5.85. This was the first increase in the minimum wage since 1997.

The next and final step in the minimum wage increase takes place next year when, effective July 24, 2009, the federal minimum wage will go to $7.25.

Note that many states already have a minimum wage higher than the federal required rate. For more information or assistance, give us a call.



Before you invest in any business, it's always a good idea to discuss the proposed venture with your advisors. If you would like assistance with evaluating a business opportunity or with legitimate tax planning, please call our office.

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