Dunes Town incurred payroll tax expense on Welch for FICA tax. The company also paid state unemployment tax and federal unemployment tax.
Louis Welch is general manager of Dunes Town Salons. During 2024, Welch worked for the company all year at a $12,400 monthly salary. He also earned a year-end bonus equal to 20% of his annual salary. Welch's federal income tax withheld during 2024 was $1,488 per month, plus $7, 142 on his bonus check. State income tax withheld came to $160 per month, plus $110 on the bonus. FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $35 per month. Requirement 1. Compute Welch's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the near Begin by computing Welch's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay Salary Bonus Gross Pay Now compute Welch's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Net pay: Withholding deductions Choose from any list or enter any number in the input fields and then continue to the next question. O KEIKI KKIZE KIZIZIZI 121217171 121217171 121212171 121217171 121217171 121217171 121217171 121217171 121212171 121217171 121217171 121217171 141/12171 121212171 121212171 121217171 ? 13 * ULIKE 10 19 144 #ons. During 2024, Welch worked for the company all year at a $12,400 ual to 20% of his annual salary. Welch's federal income tax withheld during us check. State income tax withheld came to $160 per month, plus $110 on unemployment tax. Dunes Town incurred payroll tax expense on Welch for FICA tax. The company also paid state unemployment tax and federal nings. Welch authorized the following payroll deductions: Charity Fund e of $35 per month. i (Click the icon to view payroll tax rate information.) Read the requirements oll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. r. (Round all amounts to the nearest dollar.) i Requirements X i More Info K - X 1. Compute Welch's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. net pay for the year. (Rou For all payroll calculations, use the following tax rates and round amounts to the 2. Compute Dunes Town's total 2024 payroll tax expense for Welch. nearest cent: 3. Make the journal entry to record Dunes Town's expense for Welch's total earnings for the year, his payroll deductions, and net pay. Debit Salaries Employee: OASDI: 6.2% on first $132,900 earned; Medicare 1 45% up to Expense and Bonus Expense as appropriate. Credit liability accounts for the $200,000, 2.35% on earnings above $200,000. payroll deductions and Cash for net pay. An explanation is not required. Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45%; FUTA 4. Make the journal entry to record the accrual of Dunes Town's payroll tax 0.6% on first $7,000 earned, SUTA: 5.4% on first $7,000 earned. expense for Welch's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Print Done Print Done ? er in the input fields and then continue to the next question. 8:05 CH 03/04/2021 121212121 121412121 17171 121212121 12121ZIZI 141/12121 12121 121212171 KIZIZIZI 14/27 KKIZIZI 14212171 BANG & OLUFSEN ULIKE KINNA pg an delete home end pg up I'msort scRead the require Requirement 1. Compute Welch's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Welch's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay. Salary Bonus Gross Pay Now compute Welch's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Net pay: Withholding deductions Choose from any list or enter any number in the input fields and then continue to the next question. O O INAAA KINA 141217171 141212171 INA. esc ? 14 101 $7 19 1 # o 2 3 5 8 O Q W E R T Y U O A S D F G H K ULIKE X C V B N Ma. .__. g 2024, Weloh worked for the company all year at a $12,400 Dunes Town incur Loms Welch is general manager of Dunes Town Salons. Durin umttdy salary He also earned a year-end bonus equal to 20% of his annual salary. Welch's federal income tax withheld during ' i unemployment tax 202M135 $1,488 per month, plus $7,142 on his bonus check. State income tax withheld came to $160 per month, plus $1 10' on v 0 (Click the icon _ the bonus. FlCAtax was withheld on the annual earnings. Welch authorized the folldwing payroll deductions: Charity Fund ' ' contribution of 1% ot total earnings and lite insurance of $35 per month. ' ' Read the requireme Grass Pay . , M. 0.4mm\"... Now compute Weloh's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Net pay: "L E Withholding deductions: L J l , l l: f L a . [ . % Net (take-home) pay \"to e nearest dollar.) Louis Welch is general manager of Dunes Town Salons. During 2024, Welch worked for the company all year at a $12,400 Dunes Town inc monthly salary. He also earned a year-end bonus equal to 20% of his annual salary. Welch's federal income tax withheld during unemployment 2024 was $1,488 per month, plus $7, 142 on his bonus check. State income tax withheld came to $160 per month, plus $110 on i (Click the ic the bonus. FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $35 per month. Read the requirer Net (take-home) pay Requirement 2. Compute Dunes Town's total 2024 payroll tax expense for Welch. (Round all amounts to the nearest dollar.) Employer Payroll Taxes: Total Employer Payroll Tax Total Payroll Expense Requirement 3. Make the journal entry to record Dunes Town's expense for Welch's total earnings for the year, his payroll deductions, and net pay. Debit Salarie and Cash for net pay. An explanation is not required. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question O KINNA KKILN KIX 121217171 21417171 1242171 14142121 141/17171 121212171 121212121 121212171 esc " ? 12 16 10 18 a # 2 5 6 3 Q W E R T O ULIKE S D F G H KLouis Welch is general manager of Dunes Town Salons. During 2024, Welch worked for the company all year at a $12,400 monthly salary. He also earned a year-end bonus equal to 20% of his annual salary. Welch's federal income tax withheld during 2024 was $1,488 per month, plus $7, 142 on his bonus check. State income tax withheld came to $160 per month, plus $110 on unemployment tax. Dunes Town incurred payroll tax expense on Welch for FICA tax. The company also paid state unemployment tax and federal the bonus. FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $35 per month i (Click the icon to view payroll tax rate information.) Read the requirements Requirement 3. Make the journal entry to record Dunes Town's expense for Welch'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 Dunes Town's payroll tax expense for Welch's total earnings. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit ? Choose from any list or enter any number in the input fields and then continue to the next question. 8:06 CH 03/04/2021 K O SISIs KIZ BANG & OLUFSE prise delete 19 140 16 40 - backspace & % 6 1 A P home ULIKE W E Rins. During 2024, Welch worked for the company all year at a $12,400 monthly salary. He also earned a year-end bonus equal to 20% of his annual salary. Welch's federal income tax withheld during 2024 was $1,488 per month, plus $7, 142 on his bonus check. State income tax withheld came to $160 per month, plus $110 on unemployment tax. Dunes Town incurred payroll tax expense on Welch for FICA tax. The company also paid state unemployment tax and fed the bonus. FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $35 per month. i (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 4. Make the journal entry to record the accrual of Dunes Town's payroll tax expense for Welch'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 Choose from any list or enter any number in the input fields and then continue to the next question. 8:06 CH 03/04/2021 O O 121217171 BANG LADKI INKIN KNDA pit so backspace ULIKE 5 PRequirement 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 Choose from any list or enter any number in the input fields and then continue to the next question O 121212121 1/1217171 NAAN pit SC 144 16 14 101 ULIKE 8 3 4 5 6
