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.
To qualify for exemption, employees generally must be paid at not less than $455 per week on a salary basis. These salary requirements do not apply to outside sales employees, teachers, and employees practicing law or medicine.Exempt computer employees may be paid at least $455 on a salary basis or on an hourly basis at a rate not less than $27.63 an hour.act Sheet #17G: Salary Basis Requirement and the Part 541 Exemptions Under the Fair Labor Standards Act (FLSA). This fact sheet provides general information on the exemption from. minimum wage and overtime pay provided by Section 13(a)(1) of the Fair Labor Standards Act as defined by Regulations, 29 CFR Part 541.