eBook Show Me How Calculator Calculate Payroll An employee earns $30 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 54 hours during the week Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%, and the employee's federal income tax withheld is $295. a. Determine the employee's gross pay for the week. b. Determine the employee's net pay for the week. Round your answer to two decimal places. $ 1,438.50 x Feedback Check My Work Gross pay represents the total earnings of an employee for a specific pay period, prior to taxes and deductions. Net pay is also known as take- Nhome pay. Entries for Notes Payable A business issued a 120-day, 5% note for $60,000 to a creditor on account. Journalize the entries to record (a) the issuance of the note and (b) the payment of the note at maturity, including interest. Assume a 360-day year. If an amount box does not require an entry, leave it blank. Accounts Payable 60,000 Notes Payable 60,000 Notes Payable 60,000 Interest Expense 1,500 Cash 61,500 Feedback Check My Work Why is the company issuing the note? What type of note is being issued interest-bearing or discounted)? How much will the company owe on the maturity date? On the maturity date, the debtor must repay the face amount of the note, plus interest. Interest is computed by multiplying the face amount with the interest rate and the time period