Liam Wallace is general manager of Moonwalk Salons. During 2018, Wallace Moonwalk incurred payroll tax expense on Wallace for FICA tax. The worked for the company all year at a $13.400 monthly salary. He also camed a paid state unemployment tax and federal unemployment tax. a year-end bonus equal to 5% of his annual salary. Wallace's federal income tax withheld during 2018 was $1.340 per month, plus 51.608 on his bonus check State Click the icon to view payroll tax rate information) income tax withheld came to $100 per month, plus $70 on the bonus. FICA tax was withheld on the annual earnings. Wallace authorized the following payroll Read the requirements deductions: Charity Fund contribution of 3% of total camnings and life insurance of $50 per month Requirement 1. Compute Wallace's gross pay, payroll deductions, and not pay for the full year 2018. Round all amounts to the nearest dollar Begin by computing Wallace's gross pay for the year (Round all amounts to the nearest dolar) Gross pay Choose from any list or enter any number in the input fields and then click Check Answer 5 5 parts remaining 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 $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 earnikgs; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Print Done . x i Requirements 1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar. 2. Compute Moonwalk's total 2018 payroll tax expense for Wallace. 3. Make the journal entry to record Moonwalk's 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 Moonwalk's payroll tax expense for Wallace's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. hy Print Done