iemployment tax. Requirements Payroll Tax Rate Information For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $147,000 earned; Medicare: 1.45% up to $200,000,2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $147,000 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. 1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2025. Round all amounts to the nearest dollar. 2. Compute Sandy Point Apartments' total 2025 payroll tax expense for Wallace. 3. Make the journal entry to record Sandy Point Apartments' expense for Wallace'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 Sandy Point Apartments' payroll tax expense for Wallace's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Requirement 1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2025. Round all amounts to the nearest dollar Begin by computing Wallace's gross pay for the year. (Round all amounts to the nearest dollar.) Now compute Wallace's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Requirement 2. Compute Sandy Point Apartments' total 2025 payroll tax expense for Wallace. (Round all amounts to the nearest dollar.) Employer Payroll Taxes