15.Compute payroll

An employee earns $32 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 55 hours during the week.

Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employees federal income tax withheld is $460.

a. Determine the gross pay for the week.

b. Determine the employees net pay for the week. When required round interim computations to two decimal places. Round your final answer to two decimal places.

16.On August 1, Batson Company issued a 60-day note with a face amount of $46,200 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest computations.)

a. Determine the proceeds of the note assuming the note carries an interest rate of 8%. b. Determine the proceeds of the note assuming the note is discounted at 8%.