Question

Louis Welch is general manager of Stoneybrook Salons. During 2024, Welch worked for the company all year at a $12,200 monthly salary. He also earned a year-end bonus equal to 15% of his annual salary Welch's federal income tax withheld during 2024 was $3,904 per month, plus $7.027 on his bonus check. State income tax withheld came to $80 per month, plus 560 on the bonus FICA tax was withheld on the annual earnings. Welch authorized the following payroll deductions Charity Fund contribution of 2% of total earnings and life insurance of $25 per month Stoneybrook incurred payroll tax expense on Welch 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 Welch's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar Begin by computing Welch's gross pay for the year. (Round all amounts to the nearest dollar) >> Gross pay More info Gross Pay 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. Print Done Choose from any list or enter any number in the input field parts remaining Clear All Final Check

Answer 1

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Format and Naming convention is not available, can be slightly different: Solution: 1) 146400 Gross Pay: Salary Bonus Gross Pay (12200*12) (146400*15%) 21960 168360 168360 Gross Pay Withholding deductions: Federal income tax (3904*12)+(7027) Employee OSADI tax (132900*6.2%) Employee Medicare tax (168360*1.45%) State income tax (80*12)+(60) Charity Fund contribution (168360*2%) Life insurance (25*12) Total Witholding $ 53,875 $ 8,240 $ 2,441 $ 1,020 $ 3,367 $ 300 $ 69,243 Net Pay (Gross pay - Total deductions) 99117