Requirement 1. Compute Weich's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Weich's gross pay for the year. (Round all amounts to the nearest dollar.) Now compute Welch's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Sequirement 4. Make the journal entry to record the accrual of Valuepoint's payroll tax expense for Weich's total earnings. (Record debils first, then credita. Exclude aplanations from joumal entries.) Louls Welch is general manager of Valuepoint Salons. During 2024, Welch worked for the company all year at a $9,600 monthly salary. He also eamed a year-end bonus equal to 20% of his annual salary. Welch's foderal income tax witheld during 2024 was $3,072 per month, plus $5,069 on his bonus check. State income tax withheid came to $100 per month, plus $70 on the bonus. FiCA tax was with held on the annual earnings. Welch authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $45 per month. Valuepoint incurred payroll tax expense on Welch for FICA tax. The comy also psid state unemptoyment tax and federal unemployment tax. (Click the icon to view payroll tax rate information.) Read the cequirements. More info For all payrol calculations, use the following tax rates and round amounts to the noarest 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 fint 57,000 earned. ound all amounts to the nearest dollar. Boliar) Requirement 3. Make the joumal entry to record Voluepoints expense for Welch's tory earnings for the year, his payroll deductions, and net pay. Debit Salaries Expense and Bonus Expense as appropriate. Credit liability accounts for the payroil deductions and Cash for net pay, An explanation is not required. (Record debits fint, then credita. Exclude explanations from journal entries.)