
Jane Corporation produces model toy cars. Each sells for $23.90. Its variable cost per unit is $11.43. Assuming it has a fixed cost of $386,570. What is the breakeven point for Jane Corporation? 
Breakeven point  units 
Complete the following table (assume the overtime for each employee is a timeandahalf rate after 40 hours): (Do not round intermediate calculations. Round your "overtime rate" and "gross earnings" to the nearest cent.) 
Employee  M  T  W  Th  F  Sa  Total regular hours 
Total overtime hours 
Regular rate 
Overtime rate 
Gross earnings 

Maloney  10  8  9  8  7  3  $7.50  $  $  

Assume a tax rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare. No one will reach the maximum for FICA. Complete the following payroll register. (Use the percentage method to calculate FIT for this weekly period.) (Use Table 9.1 and Table 9.2). (Do not round intermediate calculations. Round your final answers to the nearest cent.) 
FICA  
Employee  Marital status 
Allowances claimed 
Gross pay  FIT  Net pay  
S.S.  Med.  
Mike Rice  M  2  $1,000  $  $  $  $ 
Given the following, calculate the state (assume 5.3%) and federal unemployment taxes that the employer must pay for each of the first two quarters. The federal unemployment tax is 0.8% on the first $7,000. Both state and federal unemployment taxes apply to the first $7,000 only. (Round your answers to the nearest cent.) 
PAYROLL SUMMARY  
Quarter 1  Quarter 2  
Bill Adams  $  3,650  $  7,750  
Rich Haines  7,850  14,800  
Alice Smooth  3,050  3,950  
PAYROLL SUMMARY  
Quarter 1  Quarter 2  
Total  $  $  
SUTA  $  $  
FUTA  $  $  
Rhonda Brennan found her first job after graduating from college through the classifieds of the Miami Herald. She was delighted when the offer came through at $21.00 per hour. She completed her W4 stating that she is married with a child and claims an allowance of 3. Her company will pay her biweekly for 80 hours (assume a tax rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare). 
Calculate her takehome pay for her first check. (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.) 
Net pay  $ 
Maggie Vitteta, single, works 34 hours per week at $11 an hour. How much is taken out for federal income tax with one withholding exemption? (Assume the overtime for each employee is a timeandahalf rate after 40 hours.) (Use Table 9.1 and Table 9.2) (Round your answer to the nearest cent.) 
Amount  $ 
Richard Gaziano is a manager for Health Care, Inc. Health Care deducts Social Security, Medicare, and FIT (by percentage method) from his earnings. Assume a rate of 6.2% on $110,100 for Social Security and 1.45% for Medicare. Before this payroll, Richard is $1,000 below the maximum level for Social Security earnings. Richard is married, is paid weekly, and claims 2 exemptions. 
What is Richard’s net pay for the week if he earns $1,200? (Use Table 9.1 and Table 9.2). (Round your answer to the nearest cent.) 
Net pay  $ 
Westway Company pays Suzie Chan $3,400 per week. Assume Social Security is 6.2% on $110,100 and 1.45% for Medicare. 
a. 
By the end of week 51, how much did Westway deduct for Suzie's Social Security and Medicare for the year? (Round your answers to the nearest cent.) 
Deductions  
Social security  $ 
Medicare  $ 
b. 
What state and federal unemployment taxes does Westway pay on Suzie's yearly salary? The state unemployment rate is 5.1% and the federal unemployment tax is 0.8% on the first $7,000. 
Payment  
State unemployment taxes  $ 
Federal unemployment taxes  $ 
Morris Leste, owner of Carlson Company, has three employees who earn $410, $725, and $880 per week. What are the total state and federal unemployment taxes that Morris owes for the first 11 weeks of the year and for week 30? Assume a state rate of 5.6% and a federal rate of 0.8%. (Leave no cells blank  be certain to enter "0" wherever required. Round your answers to the nearest cent.) 
State taxes owed  $ 
Federal taxes owed  $ 
Taxes owed for week 30  $ 
Calculate the simple interest and maturity value. (Do not round intermediate calculations. Round your answers to the nearest cent.) 
Principal  Interest rate  Time  Simple interest  Maturity value  
$17,700  20 mo.  $  $  

Given  Principal: $8,000, 7%, 240 days  
Partial payments:  On 100th day, $3,400  
On 180th day, $2,300 
a. 
Use the U.S. Rule to solve for total interest cost. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) 
Total interest cost  $ 
b. 
Use the U.S. Rule to solve for balances. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) 
On 100th day  On 180th day  
Balance after the payment  $  $ 
c. 
Use the U.S. Rule to solve for final payment. (Use 360 days a year. Do not round intermediate calculations. Round your answer to the nearest cent.) 
Final payment  $ 
True  
False 
The time of a loan could be expressed in months, years, or days.
True  
False 
Ordinary interest is never used by banks.
True  
False 
In the U.S. Rule, the partial payment first covers the interest and the remainder reduces the principal.
True  
False 
Interest of $1,632 with principal of $16,000 for 306 days (ordinary interest) results in a rate of:
10%  
12%  
12 1/2%  
13%  
None of these 
The number of days between Aug. 9 and Jan. 3 is:
145  
144  
147  
148  
None of these 
$25,000  
$28,891.67  
$1,108.33  
$26,108.33  
None of these 
On May 17, Jane took out a loan for $33,000 at 6% to open her law practice office. The loan will mature the following year on January 16. Using the ordinary interest method, what is the maturity value due on January 16?
rev: 08_24_2013_QC_ 34268
$34,342  
$34,320  
$34,323.62  
$34,254  
None of these 
Bill Moore is buying a used Winnebago. His April monthly interest at 7.80% was $84.50. What was Bill’s principal balance at the beginning of April? (Use 360 days a year. Do not round intermediate calculations.) 
Principal balance  $ 
Max Wholesaler borrowed $13,500 on a 11%, 120day note. After 45 days, Max paid $4,725 on the note. Thirty days later, Max paid an additional $4,050. Use ordinary interest. 
a. 
Determine the total interest use the U.S. Rule. (Do not round intermediate calculations. Round your answers to the nearest cent.) 
Total interest amount  $ 
b. 
Determine the ending balance due use the U.S. Rule.(Do not round intermediate calculations.Round your answers to the nearest cent.) 
Ending balance due  $ 
Leslie Hart borrowed $15,200 to pay for her child’s education at Riverside Community College. Leslie must repay the loan at the end of 10 months in one payment with interest. 
a. 
How much interest must Leslie pay? (Do not round intermediate calculation. Round your answer to the nearest cent.) 
Interest  $ 
b. 
What is the maturity value? (Do not round intermediate calculation. Round your answer to the nearest cent.) 
Maturity value  $ 
Subject  Mathematics 
Due By (Pacific Time)  08/18/2014 08:59 pm 
Tutor  Rating 

pallavi Chat Now! 
out of 1971 reviews More.. 
amosmm Chat Now! 
out of 766 reviews More.. 
PhyzKyd Chat Now! 
out of 1164 reviews More.. 
rajdeep77 Chat Now! 
out of 721 reviews More.. 
sctys Chat Now! 
out of 1600 reviews More.. 
sharadgreen Chat Now! 
out of 770 reviews More.. 
topnotcher Chat Now! 
out of 766 reviews More.. 
XXXIAO Chat Now! 
out of 680 reviews More.. 