Difference Between Debt & Liabilities by Cam Merritt; Updated September 26, 2017 In the shorthand language of business, the terms debt and liabilities get thrown around as if they're the same thing.
Posted on April 07, 2016. As you have probably heard, the Department of Labor is planning to dramatically raise the minimum salary requirement for employees to qualify as exempt under the âWhite Collar Exemptions.â As we learned on May 18, 2016, the new minimum is $47,476, which could impact nearly five million employees.
An employee who is paid on an hourly basis is nonexempt no matter what kind of work s/he does (except for doctors, lawyers, and teachers). At present, the current minimum salary to be an exempt employee is $455 per week. However, being paid a salary is not the same as being exempt. An employee who is paid a salary is still nonexempt unless s/he also performs exempt job duties.