19-20. An employee's rate of pay is $50.00 per hour, with time and a half for all hours worked in excess of 40 during a week. The following data are available:

Allowances claimed on W-4 4

Hours worked this week 52

Y T D Earnings prior $114,800

F I T Withheld $ ?

Social Security tax was withheld @ the rate of 6.2% on the 1st $ 117,000

Medicare tax was withheld @ the rate of 1.45 %

The standard withholding allowance is $70

Based on this data, calculate the employee's net pay for the week. Show your calculations. Use the Wage Bracket Withholding table (Exhibit 3) on page 490 to calculate the Federal Income Tax withheld.

21. A main disadvantage of a Partnership form of organization is that a partnership: A. Has access to two or more heads for ideas. B. Is taxed at the individual, rather than at the corporate rate. C. Allows the partners to be their own bosses. D. Has unlimited liability for the obligations of the company.

22. Jay-Z and Diddy form a partnership. The partnership agreement calls for a 5% return on invested assets and a distribution of net income in the ratio of 1:2. If Jay-Z has $560,000 in assets invested in the partnership, and Diddy has $400,000 invested in the partnership, and net income is $207,000, what is the distribution of partnership income?

Jay-Z Diddy

Interest Allowance

Remaining Income ______ ______

Net Income

23. Townsend and Daltrey have a partnership. They wish to admit Starr as a third partner. The partnership agreement is silent on admission of new partners. What is the correct procedure? A. The existing partnership must be dissolved, and a new partnership formed to admit the new partner. B. Nothing can be done that will admit the partner to the partnership. C. The new partner can be admitted to the existing partnership by paying a fee to the partnership as a whole. D. The new partner can be admitted to the existing partnership.