Liam Wallace is general manager of Stonyside Salon During 2024 Wallace worked for the company year at Stonyside incurred payroll tax expense on Wallace for FICA tax The company who paid state unemployment $12.400 monthly salary. He also samed a year-end bonus equal to 15% of his annual salary. Wallace's federal tax and federal unemployment tac income tax withheld during 2024 was 51.488 per month, plus 55 357 on his bonus check State income tax Click the icon to view payroll tax rate information) withheld come to $90 per month plus $30 on the bonus, FICA tax was held on the annual earnings Wallace authorized the following payroll donctions Charity Fund contribution of 2% of total earnings and I ince Read the regulaments 500 per month Requirement 1. Compute Walace's gross pay payroll eductions, and not pay for the 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 Now compute Wallaces payroll deductions and net pay for the year (Round al amounts to the nearest dollar) Withholding deduction Net take home pay Requirement 2. Compute Stonyside's total 2024 payroll tax expense for Wallace (Round al amounts to the nearest dollar) Employer Payroll Taxes Total Employer Payroll Tax Total Payroll Expense II Requirement 3. Make the journal entry to record Stonyside's expense for Walace's total earnings for the year, his payroll deductions, and not pay Debit Salaries Expense and Bonus Expense as appropriate Creditlability accounts for the payroll Geductions and Cash for net pay. An explanation is not required. Record debts first the credits Exclude explanations from joumal entries.) Date Debit Credit Account Requirement 4. Make the journal entry to record the accrual of Stone's payroll tax expense for Wallace's totalings (Record bits first the credits Endude explanations from journal entries) Date Accounts Debit Credit 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