This document discusses salary and compensation. It defines salary as employee compensation quoted on an annual basis. For example, a manager might earn $120,000 per year paid semi-monthly in $5,000 installments. Since salary remains the same each pay period, the paycheck covers work through its date. Hourly employees earn wages at time-and-a-half for overtime, while high-paid salaried employees typically do not get overtime pay, though low-salaried employees are entitled to it.