Len Wilson is general manager of Stonyside Salons. During 2024, Wilson worked for the company all year at a $12,900

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 $4,128 per month, plus $7,430 on his bonus check. State income tax withheld came to $110 per month,

plus $90 on the bonus. FICA tax was withheld on the annual earnings. Wilson authorized the following payroll deductions:

Charity Fund contribution of 2% of total earnings and life insurance of $30 per month.

Stonyside incurred payroll tax expense on Wilson for FICA tax. The company also paid state unemployment tax an

federal unemployment tax.

(Click the icon to view payroll tax rate information.)

Read the requirements

.... - X 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 Stonyside's total 2024 payroll tax expense for Wilson. 3. Make the journal entry to record Stonyside'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 Stonyside'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 eamed; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned; SUTA: 5.4% on first $7,000 earned