QUESTION 14

Solve the problem.

Mai earns a gross weekly income of $464.00. How much Social Security tax should be withheld the first week of the year? How much Medicare tax should be withheld? Assume a 4.2% FICA rate and a 1.45% Medicare rate. Round to the nearest cent.

Social Security tax = $1.95

Medicare tax = $0.67

Social Security tax = $20.49

Medicare tax = $7.73

Social Security tax = $194.90

Medicare tax = $67.28

Social Security tax = $19.49

Medicare tax = $6.73

10 points

QUESTION 15

Solve the problem.

Find the interest paid on a loan of $2000 for 1 year at a simple interest rate of 7% per year.

$2140.00

$160.00

$140.00

$14.00

10 points

QUESTION 16

Solve the problem.

Find the interest paid on a loan of $3946 for 5 months at a simple interest rate of 12% per year.

$198.96

$157.84

$236.76

$197.30

10 points