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.
First, the employee must be paid a salary, which is a fixed amount that canât be changed because of variations in the amount or quality of work performed. Second, the employeeâs salary must be at a minimum level. This is the test changed by the new rules. As of December 1, exempt employees must receive at least $913 per week, or $47,476 per year. This is just over twice the current minimum salary, which is $455/week or $23,660/year. Up to 10% of the salary may be from non-discretionary bonuses or incentive payments, as long as they are paid at least quarterly.