You just received an official job offer. Hurray! The offer states that the company will pay you $60,000 a year. As an exempt employee you understand that you will not be paid overtime even if you work more than 40 hours a week. This is an example of:

Salary

Explanation:

A salary is an agreed and fixed amount that is paid to an employee that is usually paid at set intervals.

For example weekly, biweekly, and monthly.

Salary paid does not change with extra hours worked. However there may be a seperate compensation for added time worked.

Exempt employees are not entitled to payment for extra hours worked, and do not qualify for minimum wage.

In the given scenario where a fixed amount of $60,000 a year is paid to an exempt employee, it is an example of a salary.

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