An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during theweek. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $110;cumulative earnings for the year prior to this week, $24,500; Social security tax rate, 6%; and Medicare tax rate,1.5%; state unemployment compensation tax, 3.4% on the first
$7,000; federal unemployment compensation tax,0.8% on the first $7,000 . What is the net amount to be paid to the employee?
a. $569.87
b. $539.00
c. $625.00
d. $544.88
a
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A wealthy art collector has decided to endow her favorite art museum by establishing funds for an endowment which would provide the museum with $1,000,000 per year for acquisitions into perpetuity. The art collector will give the endowment upon her fiftieth birthday 10 years from today. She plans to accumulate the endowment by making annual end-of-year deposits into an account. The rate of interest is expected to be 6 percent in all future periods. How much must the art collector deposit each year to accumulate to the required amount?
A) $1,575,333 B) $736,000 C) $1,264,466 D) $ 943,396