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?