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please answer in the same format as provided. along with the calculations. There are 5 requirements that has to be answered Requirements 1. Compute Wilson's

please answer in the same format as provided. along with the calculations. There are 5 requirements that has to be answered image text in transcribed
image text in transcribed
image text in transcribed
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Requirements 1. Compute Wilson's gross pay, payroll deductions, and net pay for the fll year 2024. Round all amounts to the nearest dollar. 2. Compute Moonwalk's total 2024 payroll tax expense for Wilson. 3. Make the journal entry to record Moonwalk's expense for Wilson'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 Wilson's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Len Wison is general manager of Moonwalk Salons. During 2024, Wison woiked for the company all year at a $10,600 monthly salary. Ho also eamod a year-ond bonus equal to 10% of his amual malary. Wison's federal income tax withheld during 2024 was $2,$32 per month, plis $1,526 on his bonus Moonwak incurred payrol tax expense on Wison for FICA tax. The company abso pail sate unemployment tax and toderal unemployment tax. check. Stale income tax withheld came to $140 per month, plus $90 on the bonus. FICA tax was withheld on the annual eamings. Wilton authorized the following payroll deductons: Charty Fund (1) icick the ioon fo view poysoli tax rate information) contribution of 3% of total eamings and lise inturance of $50 per month. Read the Eaquigmonte Len Wilson is general manager of Moonwalk Salons. During 2024, Wilson worked for the company all Moonwalk incurred payroll tax expe Requirement 1. Compute Wilson's gross pay, payroll deductions, and net pay for the full year 2024 . Round all amounts to the nearest dollar. Begin by computing Wilson's gross pay for the vear. (Rnund all amounts to the nearest dollar.) Now compute Wilson's payroll deductions and net pay for the vear (Ronine all amounts to the nearest dollar.) Net pay: Withholding deductions: Net (take-home) pay

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