Larry Walsh is general manager of Valuepoint Salons. During 2024, Walsh worked for the company all year at a $12,900 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary. Walsh's federal income tax withheld during 2024 was $3,096 per month, plus $7,430 on his bonus check. State income tax withheld came to $130 per month, plus $90 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 $10 per month. Valuepoint 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 - - More info Requirements Gross Pay 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 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. Employer: 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 Valuepoint's total 2024 payroll tax expense for Walsh. 3. Make the journal entry to record Valuepoint'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 Valuepoint'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 Print Done