Calculate the social security and medicare deductions for the following employee (assume a tax rate of 6.2% on $118,500 for social security and 1.45% for medicare): (leave no cells blank - be certain to enter "0" wherever required. round your answers to the nearest cent.) employee cumulative earnings before this pay period pay amount this period social security medicare reese $409,800 $6,700 $ $

The treasurer for pittsburgh iron works wishes to use financial futures to hedge her interest rate exposure. she will sell five treasury futures contracts at $139,000 per contract. it is july and the contracts must be closed out in december of this year. long-term interest rates are currently 7.30 percent. if they increase to 9.50 percent, assume the value of the contracts will go down by 20 percent. also if interest rates do increase by 2.2 percent, assume the firm will have additional interest expense on its business loans and other commitments of $149,000. this expense, of course, will be separate from the futures contracts. a. what will be the profit or loss on the futures contract if interest rates increase to 9.50 percent by december when the contract is closed out