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net payroll payable

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

This current liability account reports the ”net” amount a company owes its employees as of the date of the balance sheet. The ”net” amount is the amount of the employees’ paychecks—their take-home pay, or the amount the employees cleared after deducting payroll taxes and voluntary deductions. To learn more, see Explanation of Payroll Accounting.

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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