• Cheryl Thompson is a manager for Health Care Inc.Her weekly earningsare subject to deductions for Social Security, Medicare, FIT, and State Income tax.Assume a FICA rate of6.2%on$128,400for social security,1.45%for Medicare, and6% for state income tax rate.Before this payroll, Cherylis $1,000 below the maximum for Social Security.She earns $2,100 for the week, claims three withholdings, and is married.Using the percentage method, calculate her net pay.
• Aray Foger borrowed $7,000 or 60 days at 7%.On day 20, Aray made an $800 partial payment.On day 45, Aray made a $1,200 partial payment.What is Aray's ending balance under the U.S. Rule?How much total interest was paid?

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Cheryl Thompsons Net Pay Calculation 1 Calculate gross pay Weekly gross pay 2100 2 Calculate FICA deductions Social Security tax 62 minimum wage of 12... View the full answer