Overview

Capital
Currency
United States Dollar (USD)

Taxes

Employer
6.20% - Social Security Tax
1.45% - Medicare Rate
Up To 5% - State Taxes
Employee

Minimum Wage

General
Minimum wage is $8.10 per hour.

Non Mandatory

Expat Benefits
There are no official expat benefits. However different companies can offer special benefits for the expats working for them. Benefits differ from one company to another.

VAT

General
State sales tax is 6%.

Mandatory Benefits

Pension Fund
Employer:The government contributes 70.32% of employee’s wages towards their pension.
Employee: contributes 29.68% of the regular wages. Contribution limit of $18,000.
Social Security
As of 2011, after the Tax Relief, Unemployment Insurance Re-authorization and Job Creation Act of 2010, the Social Security tax rate is 4.2 percent of an employee's wages. In addition, there is a limit to the amount of wages that are subject to Social Security taxes. In 2016, the taxable wage base is be $118,500
Advance Notice
There is no official advance notice period, but the general practice is 2 weeks.
Severance Pay
The employer is not required to pay severance payments to the employee.

Payroll

Additional Employee Withholding
Federal:
1. Medicare - 1.45%
2. Social Security - 6.2%
3. Unemployment Tax - 6.0% and maximum taxable earnings are $7,000
State:
1. Unemployment Insurance - 2.7% with maximum taxable earnings of $7,000
Federal:
1. Medicare - 1.45% (additional 0.9% contribution for employees earning less than $200,000)
2. Social Security - 6.2% with salary ceiling of $118,500
3. Unemployment Tax - 0%
State:
1. Unemployment Insurance - Voluntary contributions not permitted.

Termination

Termination Process
Florida follows “employment at will” doctrine which means both the employee and employer are allowed to terminate the employment at any given time without a reason Therefore at the time of termination, the employer much pay all the necessary wages up to the day of termination.