Question: Link to the video: https://www.youtube.com/embed/NrQ1iXSpTaw After viewing the video, for this weeks discussion, submit your initial discussion post by responding to the following: Explain the

Link to the video: https://www.youtube.com/embed/NrQ1iXSpTaw

After viewing the video, for this weeks discussion, submit your initial discussion post by responding to the following:

  • 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 employees responsibility and which are the employers responsibility?

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