Problem 9-10The FICA Tax (LO 9.3)Thuy worked as the assistant manager at Burger Crown through August 2021 and received wages of $81,000. Thuy then worked at Up and DownBurger starting in September of 2021 and received wages of $64,000.Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2021 Form 1040. Round your answer to twodecimal places.

Answered: Problem 9-10 The FICA Tax (LO 9.3) Thuy…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Problem 9-10
The FICA Tax (LO 9.3)
Thuy worked as the assistant manager at Burger Crown through August 2021 and received wages of $81,000. Thuy then worked at Up and Down
Burger starting in September of 2021 and received wages of $64,000.
Calculate the amount of Thuy's overpayment of Social Security taxes that she should report on her 2021 Form 1040. Round your answer to two
decimal places.

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Introduction:-

A tax is a governmental organization's mandatory financial charge or other type of levy imposed on a taxpayer (an individual or legal entity) in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers pay the correct amount of tax at the correct time and receive the correct tax allowances and tax reliefs.

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