Overtime: It’s About Time

President Obama recently asked the U.S. Labor Department to revise federal rules on overtime pay for salaried workers who put in more than 40 hours a week. This rule change will extend overtime pay to an estimated 4.2M workers.

Under current federal regulations, only salaried employees making up to $455 a week, or $23,660 a year, are guaranteed to receive overtime for more than 40 hours a week.

The new rules raise that threshold to $913 a week, or $47,476 a year.

Going forward, the salary and compensation levels will automatically be updated every three years.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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