Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thank you!! please answer #1-3 On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 30 -day note with a face amount

thank you!! please answer #1-3
image text in transcribed
image text in transcribed
image text in transcribed
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 30 -day note with a face amount of $69,600. Assume 360 days in a year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 7%. b. Determine the proceeds of the note, assuming the note is discounted at 7%. indeey Vater's weekly gross eamings for the week ended March 9 were $1,370, and her federal income tax withholding was $246.60. Assuming the social security tax ate is 6% and Medicare tax is 1.5% of all earnings, what is Lindsey's not pay? For interim computations, carry amounts out to two decimal places. Round your inal answer to two decimal places. Compute py,roll x. Mello Company has three employees-a consutant, a computer programmer, and an administrator. The following payroll information is avallable for each employee: For hourly employees, overtime is pold for hours worked in excess of 40 nours per week. For the current pay period, the computer programmer worked 51 hours and the administrator worked 62 hours. Assume that the social security tax rate was 6.0%, and the Medicare tak rate was 1.5%. Determine the gross pay and the net pay for each of the three employees for the current pay period. Assume the normal working hours in a week are 40 hours. When required round intermediate calculations and final answers to two decimal places

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Auditing

Authors: Guadarshan S. Gill, Cosserat Graham, Leung Philomena, Coram Paul

5th Edition

0471340723, 978-0471340720

More Books

Students also viewed these Accounting questions

Question

Choose the VALID Host IPv 4 Address...

Answered: 1 week ago

Question

Discuss five types of employee training.

Answered: 1 week ago

Question

Identify the four federally mandated employee benefits.

Answered: 1 week ago