Illinois Minimum Wage change effective 1/1/2020

For anyone who has employees or plans to hire in the future, we are providing the Illinois Department of Labor’s summary of minimum wage requirements beginning 1/1/2020. 

Please note: there are 2 “bumps” in 2020, one in January and one in July.

According to the IL Department of Labor, Pursuant to Public Act 101-0001  -  Beginning 1/1/2020:

                              Illinois State Minimum Wage Chart

• New employees (first 90 days of employment) and employees under age 18 may be paid up to 50 cents less per hour.  
• Beginning, January 1, 2020, if a worker under 18 works more than 650 hours for the employer during any calendar year, they must be paid the regular (over 18 wage).  
• Tipped employees may be paid 60% of the hourly minimum wage.
• Certain employees must be paid overtime, at time and one-half of the regular rate, after 40 hours of work in a workweek.

_______________________________________________________________
"Tax Tips" are published to provide current tax information, tax-cutting suggestions, and tax reminders. If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax information from time to time, please contact our office.
 
The tax information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.
 
We are trusted CPA advisors servicing Burr Ridge, Hinsdale, Willowbrook, Darien, Naperville, and all Chicagoland area. 

Do you need assistance with your business and/or personal tax returns? Would you like to have a trusted source for your accounting, allowing you additional time to focus on increasing your business? Do you use QuickBooks, or plan to in the future, for your accounting? We include these in all our service packages, customized to fit your personal or business needs.   
 
We are currently accepting new clients. Your initial consultation is free, so you have nothing to lose and everything to gain. Our experienced staff is available to help you streamline your accounting, giving you more free time for yourself. Set up an appointment today by calling (630) 320-3720 or email us at info@monarchaccountinggroup.com. 
 
For more free resources, such as Tax Rates, Tax Organizers, and Record Retention Schedules, access our website www.monarchaccountinggroup.com.

Monarch Accounting Group, Inc
145 Tower Drive, Suite 4
Burr Ridge, IL 60527
Phone (630) 320-3720