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More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on rst $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. Employer: OASDI: 6.2% on rst $132,900 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned: SUTA: 5.4% on rst $7,000 earned. Wilson. (Round all amounts to the nearest dollar) Requirements . Compute Wilson's gross pay, payroll deductions, and not pay for the full year 2024. Round all amounts to the nearest dollar. . Compute United's total 2024 payroll tax expense for Wilson. . Make thejournal entry to record United's expense forWiIson'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. . Make the journal entry to record the accrual of United's payroll tax expense for Wilson's total earnings. . Make thejournal entry for the payment of the payroll withholdings and taxes. Len Wilson is general manager of United Salons. During 2024, Wilson worked for the company all year at a $12,200 monthly salary. He also earned a United incurred payroll tax expense on Wilson for FICA tax. The company also paid state unemployment tax and federal unemployment tax. year-end bonus equal to 20% of his annual salary. Wilson's federal income tax withheld during 2024 was $3,904 per month, plus $7,027 on his bonus check. i (Click the icon to view payroll tax rate information.) State income tax withheld came to $100 per month, plus $90 on the bonus. FICA tax was withheld on the annual earnings. Wilson authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $30 per month. Read the requirements. Requirement 1. Compute Wilson's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Wilson's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay: Gross Pay Now compute Wilson's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Net pay: Withholding deductions: Net (take-home) pay Requirement 2. Compute United's total 2024 payroll tax expense for Wilson. (Round all amounts to the nearest dollar.) Employer Payroll Taxes: Total Employer Payroll Tax Total Payroll Expense t pages Calculator NextLen Wilson is general manager of United Salons. During 2024, Wilson worked for the company all year at a $12,200 monthly salary. He also earned a United incurred payroll tax expense on Wilson for FICA tax. The company also paid state unemployment tax and federal unemployment tax. year-end bonus equal to 20% of his annual salary. Wilson's federal income tax withheld during 2024 was $3,904 per month, plus $7,027 on his bonus check. i (Click the icon to view payroll tax rate information.) State income tax withheld came to $100 per month, plus $90 on the bonus. FICA tax was withheld on the annual earnings. Wilson authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $30 per month. Read the requirements. Requirement 3. Make the journal entry to record United's expense for Wilson'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. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Requirement 4. Make the journal entry to record the accrual of United's payroll tax expense for Wilson's total earnings. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Requirement 5. Make the journal entry for the payment of the payroll withholdings and taxes. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit t pages Calculator Next