Massachusetts

State Income Tax – Quick Tip

Sharon M. Simeone

If you’re self-employed in the state of Massachusetts, you’re probably in the habit of paying quarterly state income taxes. This year, the MA income tax rate for 2019 has been reduced to 5.05% down from 5.10%. A small savings but one to take note when budgeting and completing your quarterly Form 1-ES for Mass DOR this calendar year.

The good news is if this tax trend continues, the rate is expected to drop to 5% by the tax year 2020.

See the following link for more info:

https://www.mass.gov/news/income-tax-rate-to-drop-to-505-on-jan-1

Minimum Wage – Quick Tip

Sharon M. Simeone

2019 is upon us and every new year brings change. Those who run or own a business, big or small, will need to adjust accordingly. Among this year’s adjustments, is the Massachusetts minimum wage rate.

Effective 1/1/2019, the rate will increase to $12 per hour up from $11. The pay rate for service (tipped) employees will increase to $4.35 per hour with adjustments to the hourly rate as needed to reach the $12 per hour minimum.

See the following link for more info:

https://www.mass.gov/news/ag-healey-advises-public-about-2019-minimum-wage-increase