Colletto’s purchased a lot seven years ago at a cost of $412…

Colletto’s purchased a lot seven years ago at a cost of $412,000. At that time, the firm spent $378,000 to build a small retail store on the site. The most recent appraisal on the property placed a value of $522,000 on the lot and building combined. Colletto’s now wants to tear down the store and replace it with an office building at an estimated cost of $3.1 million. What amount should be used as the initial cash outflow for the new project?

An employee ears $40 per hour and 1.5 times that rate for al…

An employee ears $40 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week and that the gross pay prior to the current week totaled $58,000. Assume further that the social security tax rate was 6.0%, the Medicare rate was 1.5%, and that the federal income tax to be withheld was $614. a. Determine the gross pay for the week. b. Determine the net pay for the week.