Logan White is general manager of Moonwalk Salons. During 2024, White worked for the company all year at a $12,900 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. White's federal income tax withheld during 2024 was $1,548 per month, plus $774 on his bonus check. State income tax withheld came to $160 per month, plus $110 on the bonus. FICA tax was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $50 per month. Moonwalk incurred payroll tax expense on White 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 White's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing White's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay: More info Bonus and net pay for the year. (Round all amounts to the nearest dollar.) Employee income tax Medicare tax OASDI tax Salary Net (take-home) pay Requirement 2. Compute Moonwalk's total 2024 payroll tax expense for White. (Round all amounts to the nearest dollar.) Employer Payroll Taxes: Total Employer Payroll Tax Total Payroll Expense For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. 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. Requirements 1. Compute White'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 White. 3. Make the journal entry to record Moonwalk's expense for White'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 White's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Print Done