Actually there are two categories of first cuts: the middle manager and the highest salaried employee.

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There are four major reasons why small businesses either fail or make revenues that rival a salaried employee.

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But McCamey remained a modestly salaried employee throughout his career.

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For those in Mr. Davis's shoes, other possible solutions include establishing a profit-sharing or defined-benefit pension plan, or staying on the job as a salaried employee, consultant or paid chairman.

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Paystubs and W2s used to be sufficient income proof for salaried people, but now tax returns were added to the mix to sniff out deal killing unreimbursed employee expense write-offs.

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