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Lary Whitrey is general emanager of National Salons. During 2024, Whitney worked foe the compary all year at a $12,400 monthly salary. He alwo eamod a yeor-end borus equal to 20% of National incurrod payrol tax experse on Whitrey for FiCA tax. The company also poid. his annual salary. Whatney's federal income tax withheld durng 2024 was $2.728 per month, plus stale unemployment tax and foderal unemployment tax. $5,547 on his bonus check. Stale income tix wilheld came to $160 per month, plus $90 on the bonus FICA tax was withheid on the annual eamings. Whilney avthorized the following parroll (Cick the icon to view paryroll tax rate information.) deductions: Charty Fund contrbution of 2% of total earrings and isc insurance of 545 per morth; Read the requirements. Begin by compuing Whitney's gross pay for the yead (Rhound al achourts to the nearest dollur) Requirements 1. Compute Whitney'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 Whitney. 3. Make the journal entry to record National's expense for Whitney'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 Whitney's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. Requirements 1. Compute Whitney'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 Whitney. 3. Make the journal entry to record National's expense for Whitney'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 Whitney's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. whiced in fie and weing wh. inneriept wit is: torit the in matrinati. Bist piry Cowiper] 9102 Werblideg fetersigen lim fien tometiby More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 62% 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. Requirements 1. Compute Whitney'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 Whitney. 3. Make the journal entry to record National's expense for Whitney'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 Whitney's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes
