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Sales Tax Rate/Due Dates/Nexus/When to Collect
Sales Tax Rate: The state sales tax rate in Kentucky is 6%. This is a flat rate applied to all taxable sales, without any local sales tax...
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On April 26, 2024, the Department of Labor (“DOL”) published the Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales, and Computer Employees Rule (“Final Rule”), which will increase the minimum salary thresholds for bona fide executive, administrative, and professional exemptions under the FLSA. Effective July 1, 2024, the annual salary thresholds for these “white collar” exemptions will increase to $43,888 (from $35,568) and increase again on January 1, 2025, to $58,656 and the threshold for highly compensated employees will also increase from $107,432 to $132,964.
Key Dates and Changes:
The DOL published the below chart explaining the changes and their effective dates:
Key Takeaway
The significant increase in the salary level test for the white-collar exemptions will require employers to quickly identify and evaluate positions compensated below (or near) the new thresholds and decide whether to reclassify employees or raise their salaries. In making this determination, employers should look at the hours worked for those employees under the salary threshold to estimate the potential cost of paying overtime.
If you have any questions about how this change may impact you, please contact our Elevate team for assistance today.
Exploring the New Services From the Expanded Sales Tax
House Bill 8 has expanded sales tax to 34 new services beginning January 1, 2023. Businesses that provide any of the following services are required...
