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Martin Jackson receives an hourly wage rate of $25, with time and a half for...

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Accounting

Martin Jackson receives an hourly wage rate of $25, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 44; federal income tax withheld, $304; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the net amount to be paid to Jackson?

a.$1,150.00

b.$1,563.75

c.$1,809.75

d.$759.75

Baker Green's weekly gross earnings for the week ending December 7 were $1,400, and her federal income tax withholding was $168. Assuming the social security rate is 6% and Medicare is 1.5%, and all earnings are subject to FICA taxes, what is Green's net pay? Round your answer to the nearest whole dollar. $_________

On August 1, Batson Company issued a 60-day note with a face amount of $72,600 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest calculations.)

a. Determine the proceeds of the note assuming the note carries an interest rate of 10%.____________

b. Determine the proceeds of the note assuming the note is discounted at 10%._____________

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