(601) 268-3135 | info@wrightcpagroup.com

About-our-firm

What you need to know about the new overtime rule

Marcia Wright

November 1, 2019

The Department of Labor (DOL) announced a final rule that allows a much larger pool of employees to earn overtime if they work more than 40 hours per week. Specifically, the DOL raised the salary level for employees who are counted as “exempt” (or unable to earn overtime pay).

According to the DOL (dol.gov) the final rule:

  • Increases the minimum salary requirement from $455 to $684 per week ($35,568 per year) for the administrative, professional (including the salaried computer professional) and executive exemptions.

  • Permits employers to use nondiscretionary bonuses, incentive payments and commissions (that are paid at least annually) to satisfy up to 10 percent of the minimum salary requirement for administrative, professional and executive exemptions.

  • Increases the total annual compensation requirement for the “highly compensated employee” exemption from $100,000 to $107,432 per year (at least $684 must be paid on a weekly salary basis).

The new overtime rule is effective January 1, 2020. Please contact our firm if you have any questions. We are here to help!

Back to List


Client Center

Client LoginNetClient CSbill-dot-comAccounts PayableBill.comqb-onlineOnline Accounting QuickBooks Online right-networksDesktop AccountingQuickBooks Desktop zoomVideo ConferencingZoom
bill-dot-com
Accounts Payable
qb-online
Online Accounting
Login
right-networks
Desktop Accounting

zoom
Video Conferencing
Login

Memberships

 

Go Mobile!

...and get what you need, when and where you need it!

Learn More...
Get iOS App
Get Android App

 Our Specialties

Physicians & Medical Practices

We are committed to helping you achieve financial success within your medical practice. Our trained staff understands the challenges that physicians face within the industry, such as increasing costs, healthcare reform, and...

read more

Professional Athletes & Entertainers

Professional athletes and entertainers have unique needs when it comes to accounting and taxes. Wright Group has specialized expertise to help pro athletes, actors, and actresses, maximize their wealth and reduce taxes. Through tax planning and preparation, budgeting, financial forecasting and...

read more

mobile-graphic

Latest from Our Blog


qb-proadvisor-desktop qb-proadvisor-advdesktop qb-proadvisor-online qb-proadvisor-advonline qb-proadvisor-enterprise

Learn More

membershipmembershipmembershipmembershipmembershipmembershipmembershipmembershipmembershipmembership