Salaried Exempt Vs. Salaried Nonexempt. Although several criteria separate salaried exempt workers from salaried nonexempt workers, the one key difference between salaried exempt status and salaried nonexempt status is overtime pay. Exempt employees don't receive overtime pay; nonexempt employees do. The classification criteria for exempt and nonexempt workers are part of the Fair Labor Standards Act, or the FLSA, which is the federal law that governs minimum wage, overtime pay and working hours.
Investment Interest and Tax Deductions. One exception to the general rule that interest is tax deductible is investment interest. Investment interest payments are paid on indebtedness properly allocable to property held for investment, such as stocks held on margin, loans to others, etc.
Advertisement There are several tradeoffs among these options. Interest Tax Deduction. Home equity loans and lines of credit are tax deductible, if the taxpayer itemizes deductions on Schedule A of the 1040.This includes the interest on up to $100,000 of a HELOC used to pay for items other than improvement of the home, such as paying for college.dvertisement There are several tradeoffs among these options. Interest Tax Deduction. Home equity loans and lines of credit are tax deductible, if the taxpayer itemizes deductions on Schedule A of the 1040.