Salaried Exempt Vs. Salaried Nonexempt. Although several criteria separate salaried exempt workers from salaried nonexempt workers, the one key difference between salaried exempt status and salaried nonexempt status is overtime pay. Exempt employees don't receive overtime pay; nonexempt employees do. The classification criteria for exempt and nonexempt workers are part of the Fair Labor Standards Act, or the FLSA, which is the federal law that governs minimum wage, overtime pay and working hours.
Investment Interest and Tax Deductions. One exception to the general rule that interest is tax deductible is investment interest. Investment interest payments are paid on indebtedness properly allocable to property held for investment, such as stocks held on margin, loans to others, etc.
When you start repaying a student loan, you cannot claim a deduction for your entire payment; however, you can deduct the portion that covers your interest charges. Knowing what interest you can deduct and how to report it on your income taxes can reduce the amount of tax you pay at the end of the year.f you pay less than $600, you can still claim the deduction, but you will have to consult your records or contact your lender to find out exactly how much interest you paid. Although the annual deduction limit is subject to change, in 2010 you can deduct up to $2,500 of student loan interest payments.