1.

On July 1, Alaskan Adventures issues a $200,000, eight-month, 6.25% note. Interest is payable at maturity. What is the amount of interest expense that the company would record in a year-end adjustment on December 31?

Interest expanses is........

2.

Mike Samson is a college football coach making a base salary of $637,200 a year ($53,100 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a 1.45% Medicare tax with no maximum. Assume Mike was employed throughout the year and the FICA base amount is $113,700.

1.	Compute how much will be withheld during the year for Coach Samsons Social Security and Medicare.
	social security.......... medicare.............

2.	What additional amount will the employer need to contribute towards FICA taxes? employer contribution is .........