Liam Wallace is general manager of Moonwalk Salons. During 2024, Wallace worked for the company all year at a $13,600 monthly salary. He also eamed a year-end bonus equal to 10% of his annual salary. Wallace's federal income tax withheld during 2024 was $3,264 per month, plus $1,632 on his bonus check. State income tax withheld came to $100 per month, plus $40 on the bonus FICA tax was withheld on the annual earnings Wallace authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $35 per month Moonwalk incurred payroll tax expense on Wallace 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 requirement Requirement 1. Compute Wallace's gross pay, payroll deductions, and not pay for the full year 2024. Round all amounts to the nearest dollar Begin by computing Wallace's gross pay for the year. (Round all amounts to the nearest dollar) Gross pay Gross Pay More info 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 Employer: 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 Wallace's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. 2. Compute Moonwalk's total 2024 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. Print Done