More Info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: Employer: OASDI 6.2% on first $117,000 earned: Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000 OASDI 6.2% on first $117,000 earned: Medicare: 1.45% on all earnings, FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first S7,000 earned. Print Done Requirement 1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2016. 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