Is there a law that says an employee must be paid a certain amount to be on Salary?

Question

A friend of mine mentioned that someone on salary has to get paid at least $23K to be on Salary. I never heard this, but was curious being I'm salary and don't get paid that much?

Answer 1

not true. there is no minumum salary amount. The only minimum is the hourly wage. However, one can receive a salary based on the minimum hourly wage. A salaried employee is exempt from being paid overtime, where as a non-exempt employee is not salaried, and is thus eligible to receive overtime pay.

Answer 2

To be a salaried employee, you agree to be paid a certain amount of money per day/week/month/year, no matter how many hours you work to get the job done, there is no overtime. Otherwise you would be paid by the hour, or by the job. I have never heard of a minimum salary amount.

Answer 3

No. One merely bargains for the best rate of pay they believe they can get. The firm makes counter offers until an agreed upon "price" comes out. Salaried employees are determined by other factors, such as benefits, perks, taxation rates, etc, ad infinitum.

Answer 4

It depends on the state, I believe. I remember dealing with this a while back...here's the website I found...