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.
Under the FLSA employees are classified as non-exempt or exempt. To be exempt, an employee must pass all three âtestsâ, salary level, salary basis, and duties, as outlined by the FLSA. The salary level test: Employees who are paid less than $23,600 per year ($455 per week) are nonexempt.The salary basis test: An exempt employee must receive a regular, predetermined amount of compensation each pay period on a weekly, or less frequent, basis.on-exempt means that an employee is subject to the overtime and minimum wage requirements prescribed by the Fair Labor Standards Act (FLSA). Conversely, exempt employees are excluded from overtime pay provisions. Hourly paid or salaried are terms referring to payment methods.