Tax payers are going to see a significant hit on their taxes in 2013. Not only are we paying for the new healthcare program, coined “ObamaCare”, the new minimum wage rates are another new tax. What tax payers do not realize is with the new minimum wage increasing, companies will increase their prices. Customers will pay more in total costs and other taxes will soon come down the line.
The federal minimum wage is $7.25 per hour. This rate is higher in some states based on cost of living expenses. Individuals searching for jobs can find a minimum-wage paying job and can take home at least $1160 a month before taxes. This is a… » Read more