Logan White is general manager of Worldwide Salons. During 2024, White worked for the company...

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Accounting

Logan White is general manager of Worldwide Salons. During 2024, White worked for the company all year at a $12,400 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. White's federal income tax withheld during 2024 was $2,728 per month, plus $1,637 on his bonus check. State income tax witheld came to $160 per month, plus $80 on the bonus. FICA tax was withheld on the annual earnings. White authorized the following payroll deductions: Charity Fund contribution of 3% of total earnings and life insurance of $50 per month.
Worldwide incurred payroll tax expense on White 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.
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.)
Gross pay:
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Now compute White's payroll deductions and net pay for the year. (Round all amounts to the nearest dollar.)
Net pay:
Withholding deductions:
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.
Net (take-home) pay
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