Minnesota Secretary of State
Minnesota Department of Revenue
IRS (Internal Revenue Service)
Tax Analysts (www.tax.org)
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Commerce Clearing House (CCH)
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Highlights of Recent Tax Changes
5-Year Carryback of 2008 and 2009 Net Operating Losses (NOLs) for Eligible Small Businesses (ESBs)
Social Security & Medicare Taxes
The Fair Labor Standards Act requires that most employees in the United States be paid at least the federal minimum wage for all hours worked and overtime pay at time and one-half the regular rate of pay for all hours worked over 40 hours in a workweek. However, Section 13(a)(1) of the FLSA provides an exemption from both minimum wage and overtime pay for employees employed as bona fide executive, administrative, professional and outside sales employees. Section 13(a)(1) and Section 13(a)(17) also exempt certain computer employees.