Question
Pat Maninen earns a gross salary of $4,900 each week. Assume a rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare. a.
Pat Maninen earns a gross salary of $4,900 each week. Assume a rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare. |
a. | What are Pats first weeks deductions for Social Security and Medicare? (Round your answers to the nearest cent.) | |
b. | Will any of Pats wages be exempt from Social Security and Medicare for the calendar year? | |
PLEASE SHOW ENTIRE WORK BROKEN DOWN
C. Max Wholesaler borrowed $13,500 on a 11%, 120-day note. After 45 days, Max paid $4,725 on the note. Thirty days later, Max paid an additional $4,050. Use ordinary interest. |
Determine the ending balance and total interest due use the U.S. Rule. (Do not round intermediate calculations. Round your answers to the nearest cent.) |
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