Client Tip for January 2015: Vehicle Mileage Rate & Minimum Wage For 2015
STANDARD VEHICLE MILEAGE RATE
The Internal Revenue Service issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Beginning on January 1, 2015, the standard mileage rates for the use of a car (also vans, pickups, or panel trucks) will be:
- 57.5 cents per mile for business miles (previously 56 cents)
- 23 cents per mile for medical or moving purposes (previously 23.5 cents)
- 14 cents per mile for charitable work (remains the same)
Effective January 1, 2015 the minimum wage in several states will be increasing. Companies who are engaged in the retail or service industry whose annual gross receipts are less than $500,000 are not required to pay the state minimum wage rate. The Federal minimum rate is $7.25 per hour. When the state minimum wage rate is higher than the federal rate, workers are paid the higher rate.
The minimum wage in Illinois for adults over the age of 18 who are no longer probationary remains at $8.25 per hour for 2015.
Missouri’s minimum wage rate is increasing to $7.65 per hour beginning
January 1, 2015.