1: Jeff Jones earns $1200 per week. He is married and claims four withholding allowances. The fica rate is as follows: Social security rate is 6.2% on $97,500; Medicare rate is 1.45%. To date his cumulative wages are $6.000.Each paycheck, his employer also deduct $42.50 for health insurance. What is his net pay? Calculate FIT by the percentage method.
2: Lisa Kane borrowed$8,000 on an 8% 60 day note. After fifteen days Lisa paid $2,000 on the note. On day 45 Lisa paid $1,000 on the note. What is the total interest and ending balance due by the US rule? Use ordinary interest.
3: A condo is advertised in the Wall street journal for $350,000.It states in the ad that a 20% down payment is required. The rate of interest is 11% on a 25 year mortgage. What would be A: the monthly payment along with B: the total cost of interest.
4: Jim Smith who lives in territory 5 carries 10/20/5 compulsory liability insurance along with optional collision that has a $200 deductable.Jim was at fault in an accident that cause $1,800 damage to the other auto and $600 to his own. Also, the court awarded $13,000 and 8,000 respectively, to the two passengers in the other car for personal injuries. How much the insurance company pay and what is Jim share of responsibility?
5: Mel's Furniture received an invoice dated September 27 for five bedroom sets at $3,000 each. The invoice indicated a trade discount of 5/8/3. The seller of the furniture prepaid the freight of $200.Terms were 2/10 EOM.Assuming Mel pays on November 2, what amount would be paid? (Be sure to include the freight cost.)
6: Ray Long wants to retire in Arizona when he is 70 years of age. Ray is now 50. He believes he will need $130,000 to retire comfortably. To date, Ray has set aside no retirement money. Assume Ray gets 14% interest compounded semiannually. How much must Ray invest today to meet his $130,000 goal?