Examples of Current Liabilities

A liability is a debt, obligation or responsibility by an individual or company. Current liabilities are debts that 

are due within 12 months or the yearly portion of a long term debt.

Current Liabilities for Companies

• Accounts payable - This is money owed to suppliers.
• Accrued expenses - These are monies due to a third party but not yet payable; for example, wages payable.
• Accrued Interest - This includes all interest that has accrued since last paid.
• Bank account overdrafts - These are short term advances made by the bank for overdrafts.
• Bank loans or notes payable -This is the current principal portion of along-term note.
• Current maturities of long-term debt - This is the part of a long term debt that is due in the upcoming 12 months.
• Customer deposits or unearned revenue - These are payments given by customers as an advance
•  for future work that is expected to be completed by the end of the next 12 months.
• Dividends payable - These are the dividents declared by the company Board of Directors that 
• have not yet been paid to the shareholders.
• Income taxes payable - These are taxes owed to the government that have not yet been paid.
• Interest payable - This is interest owed to lenders that has not been paid.
• Notes payable (other than bank notes) - This is the current principal portion of long-term notes.
• Payroll taxes payable - This is taxes withheld from employees or taxes related to employee compensation.
• Rental payments - These are paid for renting buildings, land, pastures, or other property or structures.
• Short-term notes payable - These loans are due upon demand or within the next year.
• Sales taxes payable - These are taxes collected from customers for the government that need to be paid to 
• the government.
• Wages - These are owed to employees.

Payroll Current Liabilities

• Accrued salaries and wages payable
• Employee U.S. Federal income tax withheld
• Employee state income tax withheld
• Employee local income tax withheld
• Employee FICA withheld
• Employee Medicare withheld
• Employee garnishments withheld
• Employee benefits including employee insurance deduction withheld and 401 K or IRA deductions withheld
• Employer provided benefits
• Employer FICA contribution payable
• Employer Medicare contribution payable
• Employer Federal unemployment payable
• Employer state unemployment payable
• Employer Workmen's Compensation insurance payable
• Employer provided health insurance payable
• Employer provided life insurance payable
• Employer provided 401 K contributions payable
• Employer provided IRA contributions payable

Accrued and Estimated Liabilities 

• Accrued real estate and property taxes payable
• Accrued income and franchise taxes payable
• Accrued Federal taxes payable
• Accrued state taxes payable
• Accrued local taxes payable

Personal Current Liabilities 

• Car loans
• Credit card debt
• Current monthly bills - rent, utilities, insurance, etc
• Home equity loan
• Home mortgages
• Lines of credit
• Loans for investment purposes
• Miscellaneous debts - hospital charges for example
• Personal loans
• Rental or other property mortgage
• Student loans
• Unpaid Income Tax
• Unpaid Taxes and Interest

These different examples of current liabilities for companies and for 

individuals show the breadth of liability which could be the obligation of a company or individual.