Important 2023 Financial Data You Need to

Know...

Effective January 1, the 2023 mileage rates issued by the Internal Revenue Service are as follows:

• 65.5 cents per mile driven for business use

• 22 cents per mile driven for medical or moving purposes for qualified active-duty members of the Armed Forces

• 14 cents per mile driven in service of charitable organizations; the rate is set by statute and remains unchanged from 2022.

New Minimum and Living Wages effective January 1, 2023

DC: The living wage has increased to $16.50 an hour.

MD: The minimum wage has increased:

• for employers with 15 or more employees, to $13.25 an hour.

• for employers with 14 or fewer employees, to $12.80 an hour.

Montgomery County – The minimum wage

• for employers with 51 or more employees is $15.65 an hour.

• for employers with 11-50 employees is $15.00 an hour.

• for employers with 10 or fewer employees is $14.50 an hour.

VA: The minimum wage is $12 an hour.

Questions, need assistance? Contact Mrs. Lashanor Doolittle.