(Answered) Question 1 identify whether the employer or employee or

Accounting

Question: 1. Identify whether the employer or employee or both incurs each of the following:

(a) FICA taxes,

(b) FUTA taxes,

(d) withheld income taxes.

2. Estimated liabilities involve an obligation to pay which of these?

(a) An uncertain but reasonably estimated amount owed on a known obligation or

(b) A known amount to a specific entity on an uncertain due date.

3. Under what circumstances is a future payment reported in the notes to the financial statements as a contingent liability?

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