During 2019, Greg Cruz (1401 Orangedale Road, Troy, MI 48084) works for Maple Corporation and Gray Company. He earns $90,000 at Maple Corporation, where he is a full-time employee. Greg also works part-time for Gray Company for wages of $50,000.a. Did Greg experience an overwithholding of FICA taxes? Write a letter to Greg and a memo for the tax files in which you explain your conclusion.b. Did Maple Corporation and Gray Company overpay the employer’s portion of FICA? Explain.
During 2019, Greg Cruz (1401 Orangedale Road, Troy, MI 48084) works for Maple Corporation and Gray Company. He earns $90,000 at Maple Corporation, where he is a full-time employee. Greg also works part-time for Gray Company for wages of $50,000.a. Did Greg experience an overwithholding of FICA taxes? Write a letter to Greg and a memo for the tax files in which you explain your conclusion.b. Did Maple Corporation and Gray Company overpay the employer’s portion of FICA? Explain.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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| During 2019, Greg Cruz (1401 Orangedale Road, Troy, MI 48084) works for Maple Corporation and Gray Company. He earns $90,000 at Maple Corporation, where he is a full-time employee. Greg also works part-time for Gray Company for wages of $50,000. a. Did Greg experience an overwithholding of FICA taxes? Write a letter to Greg and a memo for the tax files in which you explain your conclusion. b. Did Maple Corporation and Gray Company overpay the employer’s portion of FICA? Explain. |
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