There is a national fight going on in this country to raise the minimum wage or keep it the same. At first it was $10.10, but now it has jumped all the way up from $7.25 to $15 per hour. Is this good or bad for the country?
Well, that all depends on where you are at in this debate.
If you are the employee, it means more than double your pay. Now what employee wouldn’t want this? Double your pay?
But will it really double your pay?
From the employer point of view, the largest expenses for a business are: payroll, merchandise, expense cost followed by health insurance, if they have it. This is all a part of the gross profits.
After you take out all the expenses that include payroll, health, merchandise, administrative costs you come up with the net profits.