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What is the gross pay for Martin

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Q1. On August 1, Batson Company issued a 60-day note with a face amount of $49,200 to Jergens Company for merchandise inventory. (Assume a 360-day year is used for interest calculations.)

a. Determine the proceeds of the note assuming the note carries an interest rate of 10%.

b. Determine the proceeds of the note assuming the note is discounted at 10%.

Q2. Thomas Martin receives an hourly wage rate of $15, with time and a half for all hours worked in excess of 40 hours during a week. Payroll data for the current week are as follows: hours worked, 48; federal income tax withheld, $344; social security tax rate, 6.0%; and Medicare tax rate, 1.5%. What is the gross pay for Martin?

a. $780

b. $1,080

c. $1,440

d. $720

Reference no: EM132772669

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