Requirement 5. Malce the journal entry for the payment of the payroll withholdings and traces (Record debits first, then credits Exclude explanations from oural entries) Date Accounts Debit Credit Lee Werner is general manager of Valuepoint Salons. During 2024, Werner worked for the company all year at a $12,900 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary. Werner's federal income tax withheld during 2024 was $2,838 per month, plus $5,108 on his bonus check. State income tax withheld came to $110 per month, plus $90 on the bonus. FICA tax was withheld on the annual earnings. Werner authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $5 per month Valuepoint incurred payroll tax expense on Werner 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. 1 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 eamed, Medicare: 1.45%, FUTA: 0.6% on first $7,000 earned: SUTA: 5.4% on first $7,000 eamed