Question Help Larry Walsh is general manager of Moonwalk Salons. During 2024, Walsh worked for the company all year at a 513,200 monthly salary. He also eamed a year-end bonus equal to 15% of his annual salary. Walsh's federal income tax withheld during 2024 was $3,168 per month, plus $2,376 on his bonus check. State income tax withheld came to $100 per month, plus $60 on the bonus. FICA tax was withheld on the annual earnings. Walsh authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life Insurance of $40 per month Moonwalk incurred payroll tax expense on Walsh for FICA tax. The company also paid state unemployment tex and federal unemployment tax. A (Click the icon to view payroll tax rate information.) Read the requirements Requirement 1. Compute Walsh's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Walsh's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay: Gross Pay Now compute Walsh's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Net pay Withholding deductions: Net (take-home) pay Rennirnment Comuta Moonwalk'e tatal 2024 navrnil tax Ayrance for Walsh IRA all amount in the nearest allar Choose from any list or enter any number in the input fields and then continue to the next question. ? Requirement 2. Compute Moonwalk's total 2024 payroll tax expense for Walsh. (Round all amounts to the nearest dollar.) Employer Payroll Taxes: Total Employer Payroll Tax Total Payroll Expense Requirement 3. Make the journal entry to record Moonwalk's expense for Walsh'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. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question. ? Requirement 4. Make the journal entry to record the accrual of Moonwalk's payroll tax expense for Walsh's total earnings. (Record debits first, then credits. Exclude explanations from journal entries.) Date Accounts Debit Credit IN Requirement 5. Make the journal entry for the payment of the payroll withholdings and taxes. (Record debits first, then credits. Exclude explanations from joumal entries.) Date Accounts Debit Credit IN Choose from any list or enter any number in the input fields and then continue to the next question. ? Requirements ar mel 10 ro ndo 1. Compute Walsh'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 Walsh. 3. Make the journal entry to record Moonwalk's expense for Walsh'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 Walsh's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Print Done ar 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. 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. Employer: Print Done
