Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Liam Wecen enger of Vapor Salon During 2024 Wallace worked for the company at Valepon hund person Walace for ICA The company was posten a

image text in transcribed
image text in transcribed
image text in transcribed
Liam Wecen enger of Vapor Salon During 2024 Wallace worked for the company at Valepon hund person Walace for ICA The company was posten a 512.100 lysalary Healineamed a year end 5% ohnulary Watcetera to and federalnim Income withheld during 2024 was 2575 per month plus 13.381 on his box check Statem withheld cane 5130 per months 5120 in bonis ICA tax was withild on the mange Click the conview paytaxta) Wallace thered the following part deduction Charty Fund contribution of soft caring and Me Insurance of 50 per month Read the Requirement Compute Walespw.payrol deductions, and not pay for the year 2004 Round mounts to the newest Begin by company Watcero pay for the year and it musts to the mart) De Don Pay o O 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 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 Valuepoint's total 2024 payroll tax expense for Wallace. 3. Make the journal entry to record Valuepoint'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 Valuepoint's payroll tax expense for Wallace's total earnings. 5. Make the journal entry for the payment of the payroll with holdings and taxes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Horngrens Financial And Managerial Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

6th Edition

978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857

More Books

Students also viewed these Accounting questions