The federal minimum wage remains the same at $7.25 / hour. However, in the state of Virginia as of Jan 1, 2023 the minimum wage goes up one more time from $11.00 / hour to $12.00 / hour for all hours worked as of 12:01 AM on 1/01/2023. This means that hours that you might pay for the first week of January, will remain at the current minimum wage of $11.00 / hour. If you’re not in the state of Virginia, take a look at your local legislation to see what the minimum wage is, as wages vary by state and by locality. 

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As an employer, what should I do to prepare for tax time?