New Column

HenryJS 

IF (([HourlyOrShiftRate] = "per day" && Rate1PayRate >= 180 ) || ( [HourlyOrShiftRate] = "per hour" & Rate1PayRate >= 18)
, "Yes", Blank())

HenryJS if you can, create this column in Power Query. It creates a native column in Power BI and is much more efficient. The formula would be:

 

if ([HourlyOrShiftRate] = "per day" and [Rate1PayRate] >= 180) or 
([HourlyOrShiftRate] = "per hour" and [Rate1PayRate] >= 18) then "Yes"
else null

 

In general, try to avoid calculated columns. There are times to use them, but it is rare. Getting data out of the source system, creating columns in Power Query, or DAX Measures are usually preferred to calculated columns. See these references:
Calculated Columns vs Measures in DAX
Calculated Columns and Measures in DAX
Storage differences between calculated columns and calculated tables
Creating a Dynamic Date Table in Power Query