To see how small increases in the minimum wage can add up to huge increases in payroll expenses, enter the amount of the increase, the number of full-time employees, the number of part-time employees, and your company’s combined WC, FICA, FUTA, and SUTA percentage (this last one is optional). Then click the “Compute Annual Cost” button. The current federal minimum wage rose to $5.85 on 7/24/07. It will rise to $6.55 on 7/24/08 and then to $7.25 on 7/24/08. Several states have minimum wages in excess of the federal minimum, so the current minimum wage in your state may differ.