6. On June 8, Alton Co. issued an $90,000, 6%, 120-day note payable to Seller Co
ID: 2366073 • Letter: 6
Question
6. On June 8, Alton Co. issued an $90,000, 6%, 120-day note payable to Seller Co. Assuming a 360-day year for your calculations, what is the maturity value of the note?
a. $90,450
b. $90,000
c. $91,800
d. $95,400
7. When a borrower receives the face amount of a discounted note less interest, this amount is known as:
a. the note proceeds
b. the note discount
c. the note deferred interest
d. the note principal
8. Which of the following taxes would be deducted in determining an employee's net pay?
a. FUTA taxes
b. SUTA taxes
c. FICA taxes
d. all of the above
9. An employee receives an hourly rate of $25, with time and a half for all hours worked in excess of 40 during a week. Payroll data for the current week are as follows: hours worked, 46 federal income tax withheld, $350; cumulative earnings for year prior to current week, $99,700; social security tax rate, 6.0% on maximum of $100,000; and Medicare tax rate, 1.5% on all earnings. What is the net amount to be paid the employee?
a. $875.00
b. $838.62
c. $857.00
d. $1,133.14
10. Which of the following will have no effect on an employee’s take-home pay?
a. Social security tax
b. Unemployment tax
c. Marital status
d. Number of exemptions claimed
Explanation / Answer
6. c. $91,800 90,000(1.02) 7. a. the note proceeds 8. all of the above 9. $838.62 10. c. Marital status
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