Va an Len Wilson is general manager of Valuepoint Salons. During 2024, Wilson worked for the company all year at a $10.600 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary. Wilson's federal income tax withheld during 2024 was $2,544 per month, plus $2,290 on his bonus check. State income tax withheld came to $130 per month, plus $40 on the bonus. FICA tax was withheld on the annual earnings. Wilson authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $50 per month i Re Requirement 1. Compute Wilson's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts Begin by computing Wilson's gross pay for the year (Round all amounts to the nearest dollar) Gross pay Salary 127200 19080 Bonus Gross Pay 146280 Now compute Wilson's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.) Net pay Gross pay 146280 Withholding deductions Federal income tax State income tax 32818 1600 Choose from any list or enter any number in the input fields and then continue to the next question Save for Later This Test: 100 pls possible all year at a s federal ne tax ngs. Wilson insurance of Valuepoint incurred payroll tax expense on Wilson 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 Round all and More Info - X 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 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 dollar) Employer Print Done sion d life insurance of Read the requirements. 024. Roi i Requirements - X 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. nearest de Print Done ext question Read the come authorized the following payroll deductions Charity Fund contribution of 3% of total earnings and life insurance of $50 per month Requirement 2. Compute Valuepoint's total 2024 payroll tax expense for Wilson (Round all amounts to the nearest dollar.) 146280 Employer Payroll Taxes Gross pay FICA OASDI FICA-Medicare FUTA SUTA Total Employer Payroll Tax Total Payroll Expense Requirement 3. Make the journal entry to record Valuepoint's expense for Wilson's total earnings for the year, his payroll deductions, and net accounts for the payroll deductions and Cash for net pay. An explanation is not required (Record debits first, then credits: Exclude explanation Date Accounts Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Save for Late Requirement 3. Make the journalery to record Volumpin's expense for Westlemings for the year, Ius paroi deductions and not pay Debe Star Espeme and thouses appropriate Oude accounts for the amoldeduction and Cash for newy An explanation is not realed Record debito fit the credits Estado explanational that Accounts Deb Credit Chcem the connes que SOSIOS Requirement 3. Make the journal entry to record Valuepoint's expense for Wilson's total earnings for the year, his payroll deduc accounts for the payroll deductions and Cash for net pay. An explanation is not required. (Record debits first, then credits Exclu Date Accounts Debit Credit Bonus Expense Cash Charity Fund Payable Employee Federal Income Taxes Payable Employee State Income Taxes Payable Federal Unemployment Taxes Payable FICA Medicare Taxes Payable FICA-OASDI Taxes Payable Life Insurance Payable Requirem Payroll Tax Expense Salaries Expense Choose fre State Unemployment Taxes Payable payroll tax expense for Wilson's total earnings (Reco tinue to the next question Save for Later SAMSUNG 510,600 monthly salaryHe also earned a year-end bonus equal to 15% of his annual salary Wilson's federal income tax withal during 2024 was 32,544 per month, plus $2.200 on his bonus check State income tax withheld came to 5130 per month, plus 540 on the bonus FICA tax was withheld on the annual camnings Wilson tied the following payroll deducins Charity Fund contribution of 3% of total carrings and life insurance of 550 per month and federalnemployment (Click the icon to view payroll tax rate information) Read the requirement Requirement 4. Make the powalenty to record the account of Vilwpoint's payroll tax expense for Winson's total samings (Rocurd debits, then credits blude cuplanations Hom jumat rows Credit Date Accounts Debit Requirements. Make the journal entry for the payment of the payroll withholdings and taxes Record debit first, then redes Beldesaplanations from ouma Date Accounts Debil Credit Choose from a list of enter an eine inputs and the context gestion Requirement 4. Make the journal entry to record the accrual of Valuepoint's payroll tax expense for Wilson's totalean Date Accounts Debit Credit Idings and taxes. (Record debits first, then Debit Credit Bonus Expense Cash Charity Fund Payable Employee Federal Income Taxes Payable Requirent Employee State Income Taxes Payable Federal Unemployment Taxes Payable Date FICA-Medicare Taxes Payable FICA-OASDI Taxes Payable Life Insurance Payable Payroll Tax Expense Salaries Expense Choose fr State Unemployment Taxes Payable Save for Later ntinue to the next question SAMSU Requirement 5. Make the Journal entry for the payment of the payroll withholdings and taxes (Record debits first, then credits Exclude explanations from Journal ointles Date Accounts Debit Credit Choose from any list or enter number in the nes and then continue to next question Save for later Requirement 5. Make the journal entry for the payment of the payroll withholdings and taxes. (Record debits first, then credits Exclue Date Accounts Debit Credit Bonus Expense Cash Charity Fund Payable Employee Federal Income Taxes Payable Employee State Income Taxes Payable Federal Unemployment Taxes Payable FICA-Medicare Taxes Payable FICA-OASDI Taxes Payable Life Insurance Payable Payroll Tax Expense Choose to Salaries Expense Save for State Unemployment Taxes Payable ntinue to the next question SAMSUNG