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Logan White is general manager of National Salons During 2024, White worked for the company all year at a $11,800 monthly salary He also earned

Logan White is general manager of National Salons During 2024, White worked for the company all year at a $11,800 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 51,180 per month, plus $850 on his bonus check State income tax withheld came to $120 per month, plus $40 on the bonus FICA tax was withheld on the annual earnings. White authorized the following payroll deductions Charity Fund contribution of 2% of total eamings and life Insurance of $45 per month. 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 Gross Pay Now compute White's payroll deductions and net pay for the year (Round all amounts to the nearest dollar) Net pay Withholding deductions Net (take-home) pay Requirement 2. Compute National's total 2024 payroll tax expense for White (Round all amounts to the nearest dollar) Employer Payroll Taxes National 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
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k imairen Foniafine ledelome forme for 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 National's total 2024 payroll tax expense for White. 3. Make the journal entry to record National'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 National's payroll tax expense for White's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. 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. k imairen Foniafine ledelome forme for 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 National's total 2024 payroll tax expense for White. 3. Make the journal entry to record National'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 National's payroll tax expense for White's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. 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

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