1) An employee receives an hourly rate of $175, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 47; federal income tax withheld, $1,371; cumulative earnings for year prior to current week, $135,700; social security tax rate, 6.2% on maximum of $142,800; and Medicare tax rate, 1.45% on all earnings.

What is the employee's gross pay? $

What is the employee's net pay? $

What is the employer's portion of FICA? $

2) A corporations charter provides for issuance of 500,000 shares of common stock. Assume 300,000 shares were issued and 10,000 reacquired.

What is the amount of dividends paid if $0.20 per share dividend is declared?