ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Do salary employees need to fill out a timesheet? Only if your employer and you have a comp time off agreement for hours over 40 worked in a week. You might want to keep time tracking record though, to better manage your schedule and priorities.

Detailed explanation-2: -It is not a requirement that timesheets be signed. We recommend that employees acknowledge that their time records are accurate, either by signing them or by some other submission and acknowledgment method or technology.

Detailed explanation-3: -But the basic wage calculation is on Hour basis and it uses the timesheet submitted by the employee to prepare the payroll.

Detailed explanation-4: -If they’re exempt, which a majority of salaried employees are, you’re not required to have them fill out a timesheet-but if they fall under the non-exempt category (for example, if the employee’s salary is less than $684 per week) then they would need to fill out a timecard.

Detailed explanation-5: -One of the many requirements is the federal law on timesheets. Timesheets are required for hourly employees and salaried employees who earn less than $684 per week. These standards are in place to help companies ensure that they pay their workers their earnings.