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Determine the due date, the amount of interest and maturity value of the following notes: Bill Bailey is paid $12 per hour, plus time-and-one-half for
Determine the due date, the amount of interest and maturity value of the following notes: Bill Bailey is paid $12 per hour, plus time-and-one-half for hours over 40 for a given week. During the week of February 12, Bill worked 48 hours. FICA taxes are 5%. $50 is withheld for federal income taxes, $22 is withheld for state income taxes, and $15 is withheld for city income tax from his gross pay. In addition, Bill's employer must pay FICA taxes of 5%, state unemployment taxes of 2.5%, and federal unemployment taxes of 1.25% of his gross pay. Calculate the following: (Bill's cumulative salary to date is $5,000). Round off your answers to two decimal places). a. Bill's gross pay _________ b. Bill's net pay or take home pay ________ c. The employer's payroll taxes expense ________ d. The total cost of employing Bill for the week _____________
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