Question: 1. A future payment is reported as a liability on the balance sheet if payment is contingent on a future event that
(a) is reasonably possible but the payment cannot be reasonably estimated;
(b) is probable and the payment can be reasonably estimated; or
(c) is not probable but the payment is known.
2. What is the combined amount (in percent) of the employee and employer Social Security tax rate?
3. What is the current Medicare tax rate? This rate is applied to what maximum level of salary and wages?