Name 3 (Three)types of Payroll Liabilities and Indicate Who Funds

question 23

Essay

Name 3 (three)types of payroll liabilities and indicate who funds each one.

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Definitions:

No Deductible

A policy condition in insurance where the policyholder is not required to pay any amount before the insurance company starts covering the insured loss.

Adverse Selection Problem

The adverse selection problem occurs when there is asymmetrical information between buyer and seller, leading to transactions where the buyer or seller is at a disadvantage due to lack of crucial information.

Characteristics

The distinguishing features or qualities of an item, person, or phenomenon that can be used to identify it and differentiate it from others.

Above-Equilibrium Wages

Wages that are higher than the market equilibrium, often set to attract better employees, improve morale, or reduce turnover, but potentially leading to excess supply of labor.