Larry Walsh is general manager of United Salons. During 2024, Walsh 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 Walsh's federal income tax withheld during 2024 was $3,072 per month, plus $2,304 on his bonus check. State income tax withheld came to $60 per month, plus $40 on the bonus. FICA tax was withheld on the annual earnings. Walsh authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $35 per month. United incurred payroll tax expense on Walsh 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 Walsh's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Walsh's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay Gross Pay Clear all Check answer More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent Employee: Employer: 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. Print Done - X Requirements 1. Compute Walsh's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. 2. Compute United's total 2024 payroll tax expense for Walsh. 3. Make the journal entry to record United's expense for Walsh'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 United's payroll tax expense for Walsh's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Print Done