Question: Explain the difference between a current and a long-term liability. Explain the three important questions concerning the uncertainty of liabilities. State the combined amount (in

  • Explain the difference between a current and a long-term liability.
  • Explain the three important questions concerning the uncertainty of liabilities.
  • State the combined amount (in percent) of the employee and employer FICA-Social Security tax rate. (Assume wages do not exceed $118,500 per year.)
  • What is the 2016 Medicare tax rate? This rate is applied to what maximum level of salary and wages.
  • Which payroll taxes are the employee's responsibility and which are the employer's responsibility?

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