While looking into tax exemption requirements, I came across an article that seems to indicate software developers required to work over 40 hours/week either need to be paid overtime as an hourly employee or be paid a minimum salary of $90k.
In 2018, computer professionals may be exempt from overtime if they are paid at least $43.58 per hour or an annual salary of at least $90,790.07. The minimum compensation required to satisfy the exemption is recomputed every year to account for changes in the cost of living.
I independently built many of our products, most of my job is autonomous and very technical so I think I certainly meet the duties requirements described. However, I was paid bi-weekly as a salaried employee (and referred to as a non-hourly/exempt employee) and expected to work >40hrs a week (which is all logged in a self-reporting application). Let's say my annual pay (w2) was initially $60k. It seems like they either should have been paying hourly and subsequently overtime when applicable and/or paying the minimum salary as required by law.
Was my employer underpaying me by ~$30k? What is the industry understanding/standard? Is there something I'm misunderstanding about the exemption criteria? Are there loopholes for smaller companies?
Assuming I'm correct in my assumptions, how should I approach the subject with the CEO & what is the best course of action to address this?
Source: https://wrklyrs.com/CompProf
