Requirements 1. Compute Wilson's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. 2. Compute Valuepoint's total 2024 payroll tax expense for Wilson. 3. Make the journal entry to record Valuepoint'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 Valuepoint's payroll tax expense for Wilson's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. 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 earned; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned. Len Wison is general manager of Valuepoint Salons. During 2024, Wison worked for the Valuepoint incurred payrol tar expense on Wison for FiCA tax. The company also paid company all year at a $11,800 monthly salary. He also earned a year-end bonus equal to 15% of state unemployment tax and federal unemployment tax his annual salary. Wilson's federal inoome tax withheld during 2024 was $2,596 per month, plus $5,098 on his bonus check. State income tax withheld came to $110 per month, plus $40 on the Click the icon to view paytoll tax rate information.) bonus. FICA tax was withheld on the annual eamings. Wilsen authorized the following payroll deductions: Charity Fund contribution of 2% of total earnings and ite insurance of $15 per month. Requirement 1. Compute Wison's gross pay, poyrol deductions, and net pay for the full year 2024. Round all amounts to the nearest dolar. Begin by computing Wison's gross pay for the year. (Round all amounts to the nearest dollar.)