For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000,2.35% on earnings above $200,000. Employer: 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. 1. Compute Werner's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. 2. Compute Stonyside's total 2024 payroll tax expense for Werner. 3. Make the journal entry to record Stonyside's expense for Werner'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 Stonyside's payroll tax expense for Werner's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Lee Werner is general manager of Stonyside Salons. During 2024, Werner worked for the company all year at a $9,600 monthly salary. He also earned a year-end bonus equal to 20% of his annual salary. Werner's federal income tax withheld during 2024 was $1,152 per month, plus $5,530 on his bonus check. State income tax withheld came to $160 per month, plus $70 on the bonus. FICA tax was withheld on the annual earnings. Werner authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $40 per month. Stonyside incurred payroll tax expense on Werner for FICA tax. The company also paid state unemployment tax and federal unemployment tax. (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Compute Werner's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Werner's gross pay for the year. (Round all amounts to the nearest dollar.) Now compute Werner's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Employee Medicare tax Charity fund contribution Life insurance Total withholdings Net (take-home) pay 2,004 5,530 480 Requirement 2. Compute Stonyside's total 2024 payroll tax expense for Werner. (Round all amounts to the nearest dollar.) Gross pay $138,240 Employer Payroll Taxes: FICA-OASDI FICA-Medicare FUTA SUTA Total Employer Payroll Tax \$ 8,240 2,004 42 378 Requirement 3. Make the journal entry to record Stonyside's expense for Werner'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.) Requirement 4. Make the journal entry to record the accrual of Stonyside's payroll tax expense for Werner's total earnings. (Record debits first, then credits. Exclude explanations from journal entries.) Federal Unemployment Taxes Payable State Unemployment Taxes Payable 42 378