A predetermined amount of pay that constitutes all or part of the employee's compensation for the pay period. This predetermined amount is a fixed amount and may not be reduced based on the quality or quantity of the work performed. A salary is generally expressed as an amount paid per week, per month or per year.
For purposes of the Regulations, Part 541 the employee must earn the minimum required salary of $455 per week "free and clear" or exclusive of "board, lodging or other facilities."
Source: U.S. Department of Labor
Compensation received by an employee for services performed. A salary is a fixed sum paid for a specific period of time worked, such as weekly or monthly.
Source: Internal Revenue Service