16.05 EXPLANATORY: SALARY BASIS is a type of compensation system in which an employee's pay is based on a predetermined amount of money, rather than an hourly wage or commission. There are three main types of salary basis: annual salary, monthly salary, and weekly salary. Under an annual salary system, an employee is paid a fixed amount of money each year, regardless of hours worked. Under a monthly salary system, an employee is paid a fixed amount of money each month, regardless of hours worked. Under a weekly salary system, an employee is paid a fixed amount of money each week, regardless of hours worked.
16.05 EXPLANATORY: SALARY BASIS
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US-8THCIR-JURY-16-05
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http://www.juryinstructions.ca8.uscourts.gov/8th%20Circuit%20Manual%20of%20Model%20Civil%20Jury%20Instructions.pdf
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There are no maximum or minimum hour requirements for salaried employees. If an employee works more than 40 hours, their pay will not reflect overtime hours. Likewise, if an employee works fewer than 40 hours, an employer can't reduce their pay.
Benefits and perks: Salaried jobs typically offer benefits such as medical, dental and vision insurance. They also provide perks like paid time off, which many hourly jobs do not. Flexible hours: You have more flexibility in your workday when you receive a salary, and you may be able to set your own hours.
The salary basis test is a series of stipulations that may exempt an employee from being eligible for overtime pay. The salary basis test says the employee must be paid a predetermined, fixed salary. This means their salary cannot go up or down based on the quality or quantity of their work.
Being paid on a ?salary basis? means an employee regularly receives a predetermined amount of compensation each pay period on a weekly, or less frequent, basis. The predetermined amount cannot be reduced because of variations in the quality or quantity of the employee's work.
Basic salary, also called base salary, is the amount of money a salaried employee regularly earns before any additions or deductions are applied to their earnings. Additions and deductions to basic salary can significantly affect the size of an employee's paycheck.
Part 541. The FLSA requires that most employees in the United States be paid at least the federal minimum wage for all hours worked and overtime pay at not less than time and one-half the regular rate of pay for all hours worked over 40 hours in a workweek.
A salaried employee is someone who receives a fixed amount of pay regardless of how many hours they work each week. This means a salaried employee is paid for 40 hours a week, even if they work fewer hours. Additionally, overtime pay of time-and-a-half is not usually offered for working more than 40 hours per week.
To be considered "exempt," these employees must generally satisfy three tests: Salary-level test. Employers must pay employees a salary of at least $684 per week.