A seller's obligation to repair or replace a product or service that fails to perform as expected within aspecified period Merit rating _________ A table of amounts of income tax to be withheldfrom employees' wages FICA taxes _________ Taxes assessed on both employer and employeesunder the Federal Insurance Contributions Act. Thesetaxes fund Social Security and Medicare Estimated liability _________ A potential obligation that depends on a futureevent arising from a past transaction Long term liability _________ Obligations of a company not requiring paymentwithin one year or the operating cycle, whichever islonger Net pay _________ A number that is used to reduce the amount offederal income tax withheld from an employee's pay Wage bracket withholding table _________ Known obligations of an uncertain amount that canbe reasonably estimated Contingent liability _________ Gross pay less all deductions Warranty _________ Payroll taxes on employers assessed by the federalgovernment to support the federal unemploymentinsurance program Withholding allowance _________ A rating assigned to an employer by a state basedon the employer's past record regarding stableemployment FUTA taxes ____