Larry Whitney is general manager of Worldwide Salons. During 2018, Whitney 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. Whitney's federal income tax withheld during 2018 was $1,440 per month, plus $4,608 on his bonus check. State income tax withheld came to $70 per month, plus $30 on the bonus. FICA tax was withheld on the annual earnings. Whitney authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $25 per month. Worldwide incurred payroll tax expense on Whitney 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 138,240 Gross Pay Requirements - X Now compute Whitney's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) $ 138,240 $ 21,888 Net pay Gross pay Withholding deductions: Federal income tax State income tax Employee OASDI tax Employee Medicare tax Charity fund contribution 870 1. Compute Whitney's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar. 2. Compute Worldwide's total 2018 payroll tax expense for Whitney 3. Make the journal entry to record Worldwide's expense for Whitney'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 Worldwide's payroll tax expense for Whitney's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. 7,347 2,004 1,382 300 Life insurance Total withholdings 33,791 Print Done $ 104,449 - X Net (take-home) pay More Info Requirement 2. Compute Worldwide's total 2018 payroll tax expense for Whitney. (Round all amounts to the nearest dollar.) For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employer Payroll Taxes: Employee Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. SUTA Total Employer Payroll Tax Print Done Total Payroll Expense Choose from any list or enter any number in the input fields and then click Check Answer. parts remaining Clear All Check Answer i Requirements -X 1. Compute Whitney's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar. 2. Compute Worldwide's total 2018 payroll tax expense for Whitney. 3. Make the journal entry to record Worldwide's expense for Whitney'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 Worldwide's payroll tax expense for Whitney's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Print Done ny ny Clear All 300 More Info dwide For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee Employer: OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $118,500 earned; Medicare: 1.45% on all earnings; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done er any number in the input fields and then click Check Answer. Check An Clear All Larry Whitney is general manager of Worldwide Salons. During 2018, Whitney Worldwide incurred payroll tax expense on Whitney for FICA tax. The company worked for the company all year at a $9,600 monthly salary. He also earned a also paid state unemployment tax and federal unemployment tax. year-end bonus equal to 20% of his annual salary. Whitney's federal income tax (Click the icon to view payroll tax rate information.) withheld during 2018 was $1,440 per month, plus $4,608 on his bonus check. State income tax withheld came to $70 per month, plus $30 on the bonus. FICA tax was Read the requirements withheld on the annual earnings. Whitney authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $25 per month. Life insurance 300 Total withholdings 33,791 $ 104,449 Net (take-home) pay Requirement 2. Compute Worldwide's total 2018 payroll tax expense for Whitney. (Round all amounts to the nearest dollar.) Employer Payroll Taxes: Incorrect: Total Employer Payroll Tax Total Payroll Expense Choose from any list or enter any number in the input fields and then click Check Answer. Clear All Check Answer 3 parts remaining Larry Whitney is general manager of Worldwide Salons. During 2018, Whitney worked for the company all year at a 59,600 monthly salary. He also earned a year-end bonus equal to 20% of his annual salary. Whitney's federal income tax withheld during 2018 was $1.440 per month, plus $4,608 on his bonus check. State income tax withheld came to $70 per month, plus $30 on the bonus. FICA tax was withheld on the annual earnings. Whitney authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of S25 per month Worldwide incurred payroll tax expense on Whitney 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 Whitney's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar Begin by computing Whitney's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay Salary $ 115,200 23,040 dules Bonus 138,240 Incom Gross Pay Now compute Whitney's payroll deductions and not pay for the year. (Round all amounts to the nearest dollar) Netpay Grosspay $ 138,240 Withholding deductions: Federal income tax $ 21,888 870 Choose from any list or enter any number in the input fields and then click Check Answer Check Answer Clear All 3 parte Worldwide incurred payroll tax expense on Whitney for FICA tax. The company also paid state unemployment tax and federal unemployment tax (Click the icon to view payroll tax rate information.) Larry Whitney is general manager of Worldwide Salons. During 2018, Whitney 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. Whitney's federal income tax withheld during 2018 was $1,440 per month, plus $4,608 on his bonus check. State income tax withheld came to $70 per month, plus $30 on the bonus, FICA tax was withheld on the annual earnings. Whitney authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $25 per month Read the requirements Net pay Gross pay $ 138,240 Withholding deductions: Federal income tax State income tax Employee OASDI tax Employee Medicare tax Charity fund contribution Life insurance Total withholdings $ 21,888 870 7,347 2004 1,382 300 33,791 $ 104,449 Net (take-homo) pay Requirement 2. Compute Worldwide's total 2018 payroll tax expense for Whitney. (Round all amounts to the nearest dollar.) Choose from any list or enter any number in the input fields and then click Check Answer. Clear All Check Answer 3 parts remaining