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?