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Are there liabilities shown on a paycheck that are liabilities to the employer? What are the...

Are there liabilities shown on a paycheck that are liabilities to the employer? What are the characteristics of a liability? Are payroll liabilities considered short-term or long-term? Why?

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Answer #1

Answer: Liability- It is an obligation that a person or company has to pay to other. Liabilities include taxes, debt, etc.

Payroll Liabilities- Are the liabilities for employer, company owes the liabilities and has not paid yet, are called Payroll liabilities.

Payroll liabilities that are due within one year, are considered Short term liabilities and if they are for more than one year then considered Long term liabilities. There is complexity in calculating payroll liabilities, that is why companies use Payroll software.

Examples:

  • Taxes withheld from employees
  • Social security payment
  • Health insurance due
  • Medicare taxes
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