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.
Is There Ever A Raise To The Minimum Salary Requirement? When we hear people talking about raising the minimum wage, we usually think of hourly workers. However, there is a minimum wage for most exempt employees as well. That is, in order to be considered an exempt employee, one requirement for each of the exempt catagories is a minimum salary. Whether we are talking about the administrative exemption, the executive exemption, or the professional exemption, they all share one requirement in common â a minimum wage of at least $455.00 a week, or $23,660.00 a year.