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Len Wilson is general manager of United Salons. During 2024, Wilson worked for the company al year at a $12,200 monthly salary. He also
Len Wilson is general manager of United Salons. During 2024, Wilson worked for the company al year at a $12,200 monthly salary. He also earned a year-and bonus equal to 20% of his annual salary. Wilson's federal income tax withheld during 2024 was $3,904 per month, plus $7.027 on his bonus check State income tax withheld came to $100 per month, plus $50 on the bonus. FICA tax was withheld on the annual carings. Wilson authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $30 per month. United incurred payroll tax expense on Wilson 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 Wilson's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Wilson's gross pay for the year. (Round all amounts to the nearest dolar.) Gross pay Requirements Gross Pay Now compute Wilson's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Netpay Withholding deductions: 1. Compute Wilson'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 Wilson. 3. Make the journal entry to record United's expense for Wilson's total eamings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit Fability 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 expence for Wison's total eamings 5. Make the journal entry for the payment of the payroll withholdings and taxes. Net (take home) pay Requirement 2. Compute United's total 2024 payroll tax expense for Wilson (Round all amounts to the nearest dollar.) Employer Payroll Taxes: Total Employer Payroll Tax Total Ball Cunn Print Done
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