Known obligation of an uncertain amount that can be reasonably predicted. Payroll taxes on employers assessed by the federal government to support benefits paid to employees who are temporarily out of work. A listing showing the amounts of income tax to be deducted from employees' earnings. 1. FUTA Taxes Taxes assessed on both employer and employee to fund Social Security and Medicare. 2. Contingent Liability 3. Merit Rating A potential obligation that depends on a future event arising from a past transaction. 4. Long-term Liability 5. Estimated Liability 6. A seller's obligation to repair or replace a product or service that fails to perform as expected within a specified period. Net Pay 7. Wage Bracket Withholding Table 8. Warranty Gross employee compensation less all deductions. 9. Withholding Allowance 10. FICA Taxes A determination assigned to an employer by a state based on the employer's past record regarding stable employment. A number that is used to reduce the amount of federal income tax withheld from an employee's gross pay. Obligation of a company not requiring payment within one year or the operating cycle, whichever is longer