Larry Whitney is general manager of National Salons. During 2024, Whitney worked for the company all...
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Larry Whitney is general manager of National Salons. During 2024, Whitney worked for the company all year at a $12,200 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary. Whitney's federal income tax withheld during 2024 was $3,904 per month, plus $2,635 on his bonus check. State income tax withheld came to $140 per month, plus $100 on the bonus. FICA tax was withheld on the annual earnings. Whitney authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $25 per month. Nat naio Rea on 's For all payroll calculations, use the following tax rates and round amounts to the nearest cent: arest dol OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. SS Employee: Employer: Print Done earni bution 1. Compute Whitney's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. 2. Compute National's total 2024 payroll tax expense for Whitney. 3. Make the journal entry to record National's expense for Whitney's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required. 4. Make the journal entry to record the accrual of National's payroll tax expense for Whitney's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Eney's are: gross Larry Whitney is general manager of National Salons. During 2024, Whitney worked for the company all year at a $12,200 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary. Whitney's federal income tax withheld during 2024 was $3,904 per month, plus $2,635 on his bonus check. State income tax withheld came to $140 per month, plus $100 on the bonus. FICA tax was withheld on the annual earnings. Whitney authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $25 per month. Nat naio Rea on 's For all payroll calculations, use the following tax rates and round amounts to the nearest cent: arest dol OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. SS Employee: Employer: Print Done earni bution 1. Compute Whitney's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. 2. Compute National's total 2024 payroll tax expense for Whitney. 3. Make the journal entry to record National's expense for Whitney's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroll deductions and Cash for net pay. An explanation is not required. 4. Make the journal entry to record the accrual of National's payroll tax expense for Whitney's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Eney's are: gross
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Gross pay net pay and payroll deductions Particulars Working Amount Salary1220012 146400 Bonus15 of ... View the full answer
Related Book For
Fundamental Accounting Principles
ISBN: 978-0078110870
20th Edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
Posted Date:
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