Most Recent News:
2022 Yer-End Information and 2023 Preview
Highlights of Recent Payroll News:
- FICA Social Security limit will rise to $160,200 in 2023.
- NJ minimum wage will rise to $14.13 per hour for most employers on Jan 1, 2023 and will continue rising annually until it reaches $15.00 in 2024. Please see NJ Min Wage Poster on Payroll & Government Forms page. Employer NJ unemployment and disability wage limits increased to $41,100. The employee wages limt for disability and family leave increased to $156,800.
- The NJ retirement savings plan law has been delayed as the state continues to get the plan up and running. For private sector businesses with more than 25 employees that do not already offer a retirement savings plan, the law mandates the employer offer New Jersey Secure Choice Savings.
- CA, CT, IL, NY have not paid back the unemployment funds borrowed from the Federal government by November 10, 2022, so their will be a credit reduction of 0.3% for employers with employees in these states retroactive as of 1/1/22. NJ paid back their loan and therefore are not subject to a credit reduction. .
For more information on NJ minimum wage, NJ FLI or NJ PSL please visit https://www.nj.gov/labor/
Please note that Media does not provide accounting or legal advice.
