Recording employee payroll deductions may involve:

Question

Quizplus · Accepted Answer

Recording employee payroll deductions involves recognizing liabilities to individual employees for items such as health insurance premiums, 401(k) contributions, and flexible spending accounts. It also involves recognizing liabilities to federal and state governments for items such as payroll taxes, Medicare, and Social Security contributions. In some cases, it may also involve recognizing liabilities to insurance companies for group life or disability insurance premiums, and to labor unions for union dues.

Recording Employee Payroll Deductions May Involve