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Articles To Help Your Business
BOOKKEEPING TIPS is a twice monthly e-letter published by The American Institute
of Professional Bookkeepers (AIPB), Suite 500, 6001 Montrose Road, Rockville, MD 20852.
Tel.: 800-622-0121, Fax: 800-541-0066, email: info@aipb.org.
August 3, 2004
New Overtime Rules
go into effect August 23rd
There is little to worry about in the new regs because they do not require you to pay any
employees more overtime -- they allow you to NOT pay certain employees overtime, as we reported
in detail on the new regs in the June issue of The General Ledger (the monthly technical newsletter
for AIPB members).
Biggest change as of August 23: For an employee to be classifed as exempt, that employee must
earn a guaranteed salary of at least $455 a week.
Under the old regs, the minimum guaranteed weekly salary varied depending on the category of the white
collar exemption, but anyone earning at least $250 a week was entitled to overtime if they failed to meet
the 'long' duties test.
Under the new regs, there is only one guaranteed minimum salary that must be met by all exempt workers,
regardless of the white collar exemption category they fall into: $455.
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