Payroll Liabilities are the financial obligations an employer owes due to payroll, including withheld employee taxes, employer contributions, and benefits, until paid to authorities.
- What are payroll liabilities?
Answer: They are financial obligations from payroll, like taxes and benefits. - What are examples?
Answer: Examples include FICA taxes and unpaid health premiums. - Who is responsible?
Answer: Employers are responsible until remitted. - What are the risks?
Answer: Late payment incurs penalties and interest. - How does HR manage them?
Answer: HR coordinates with finance for timely payments.
