White worked for the company all year at a $10,600 monthly salary. The company also paid state unemployment tax and federal He also earned a year-end bonus equal to 20% of his annual unemployment tax. salary. White's federal income tax withheld during 2024 was $2,544 (Click the icon to view payroll tax rate information.) per month, plus $8,141 on his bonus check. State income tax withheld came to $90 per month, plus $40 on the bonus. FICA tax Read the requirements. was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $15 per month. Requirement 1. Compute White's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing White's gross pay for the year. (Round all amounts to the nearest dollar.) 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. Requirements 1. Compute White'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 White. 3. Make the journal entry to record National's expense for White'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 White's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes. White worked for the company all year at a $10,600 monthly salary. The company also paid state unemployment tax and federal He also earned a year-end bonus equal to 20% of his annual unemployment tax. salary. White's federal income tax withheld during 2024 was $2,544 (Click the icon to view payroll tax rate information.) per month, plus $8,141 on his bonus check. State income tax withheld came to $90 per month, plus $40 on the bonus. FICA tax Read the requirements. was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $15 per month. Requirement 1. Compute White's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing White's gross pay for the year. (Round all amounts to the nearest dollar.) 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. Requirements 1. Compute White'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 White. 3. Make the journal entry to record National's expense for White'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 White's total earnings. 5. Make the journal entry for the payment of the payroll withholdings and taxes
