As nouns the difference between debt and liability is that debt is an action, state of mind, or object one has an obligation to perform for another, adopt toward another, or give to another while liability is the condition of being liable.
California law requires that in order to be classified as exempt, an employee must earn a monthly salary which is twice the state minimum for a full time employee (40 hours per week). Currently the minimum salary for a full time, exempt employee is $33,280 per year.This will increase on July 1, 2014 to a minimum exempt salary of $37,440 per year. By 2016, employees will need to earn at least $41,600 per year to meet the minimum salary test for exempt status.State minimum wage law will also impact the pay of commissioned inside sales employees.his will increase on July 1, 2014 to a minimum exempt salary of $37,440 per year. By 2016, employees will need to earn at least $41,600 per year to meet the minimum salary test for exempt status.
In order for an employee to be exempt from the minimum wage and overtime requirements, he or she must be paid, with only minor exceptions relating to persons paid a fee, on a salary basis. The minimum salary amount is $455 per week.