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.
Share this: Although it is early in 2015, this is the perfect time to start planning for the 2016 increase in the California minimum wage. California increased its minimum wage in a two-step process. The first step was effective July 1, 2014 and raised the minimum wage to $9.00 in California.The minimum wage increase also increases the minimum salary for exempt status.Both of these factors can have large financial impacts for employers and the planning should begin now as the change takes effect on January 1, 2016. The second step raises the minimum wage to $10.00 per hour effective January 1, 2016.eginning January 1, 2016 the new minimum salary required will be $41,600. It is imperative to understand and remember that paying the minimum salary alone itself will not qualify a position for exempt status, there are also duties and time spent tests that must be met.