Question: The fiscal year for Tip Top Stores Inc. ends on June 30. In addition, the company computes and reports payroll taxes on a fiscal-year basis.

The fiscal year for Tip Top Stores Inc. ends on June 30. In addition, the company computes and reports payroll taxes on a fiscal-year basis. Thus, it applies social security and FUTA maximum earnings limitations to the fiscal-year payroll.
What is wrong with these procedures for accounting for payroll taxes?

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