Proceeds from Notes Payable On May 15, Maynard Co. borrowed cash from Texas Bank by issuing a 60-day note with a face amount of $43,200. Assume a 360-day year. Required: a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. b. Determine the proceeds of the note, assuming the note is discounted at 8%. Federal Income Tax Withholding Bob Avery's weekly gross earnings for the present week were $2,490. Avery has two exemptions. Using the wage bracket withholding table in Exhibit 2 with a $75 standard withholding allowance for each exemption, what is Avery's federal income tax withholding? Round your answer to two decimal places. Employee Net Pay Maxwell Inverness's weekly gross earnings for the week ended April 22 were $1,000, and his federal income tax withholding was $180. Assuming the social security rate is 6% and Medicare is 1.5%, what is Maxwell's net pay? Note: If required, round your answer to two decimal places. Journalize Period Payroll The payroll register of Wang Engineering Co. indicates $2,460 of social security withheld and $615 of Medicare tax withheld on total salaries of $41,000 for the period. Federal withholding for the period totaled $7,380. Provide the journal entry for the period's payroll. If an amount box does not require an entry, leave it blank