3 3 6 9 12 P 1. FUTA taxes Payroll taxes on employers assessed by the federal government to support the federal unemployment program. A rating assigned to an employer by a state based on the employer's past record regarding stable employment Taxes assessed on both employer and employees under the Federal insurance Contributions Act. These taxes fund Social Security and Medicare. A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period. Gross pay less all deductions 15 2. FICA taxes 18 3. Net pay 4. Contingent liability 21 Co 5. Merit rating 24 6. Estimated liability 7. Warranty 8. Long-term liability 0 0 A potential obligation that depends on a future event arising from a past transaction Known obligations of an uncertain amount that can be reasonably estimated. Obligation of a company not requiring payment within one year or the operating cycle, whichever is longer