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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. Print Done Requirements RI 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 National's total 2024 payroll tax expense for Walsh. 3. Make the journal entry to record National'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 National'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 Larry Walsh is general manager of National Salons. During 2024, Walsh worked for the company low at $12.00 National inomed payroll tax expense on Wish PICA. The company podle remployment and monthly salary. He also earned a year-end bonus alto 10% of Nisu salary Wall's federal come tax with federal hoployment during 2024 was $1240 per month, plus $3,571 on bonus check. Stal income tax withheld came to $100 per month, ps $100 on the bonus FICA tax was withold on the annual Gamings Walth authored the following payroll Cack the icon to view all the information teduction Charity Fund contribution of 3% of total canings and ensure of $36 per month Read the courements Requirement 1. Compute Wall's gross pay. Dayrut deductions, and not pay for the full year 2024. Round amounts to the nearest dolar Begin by computing Wat's gross pay for the year Cound all amounts to the nearest dola) eas pay 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 Requirement 2. Compute National'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 National expense for Walsh's total earnings for the year, his payroll doductions, and not pay Debit Salaries Expenso and Bonus Expo payroll deductions and Cash for net pay. An explanation is not required. (Record debits first the credits. Exclude explanations from journal entries) Date Accounts Debit Credit Requirement 4. Make the journal entry to record the accrual of National's payroll tax expense for Walsh's total eamings. (Record debits first, then credits. Exclude Accounts Credit Debit Dato Requirement 5. Make the journal entry for the payment of the payroll withholdings and taxes. (Record debits first, then credits. Exclude explanations from journale Date Accounts Debit Credit
