Len Wilson is general manager of Valuepoint Salons. During 2024, Wilson worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 20% of his annual salary. Wilson's federal income tax withheld during 2024 was $1,320 per month, plus $10,138 on his bonus check. State income tax withheld came to $160 per month, plus $120 on the bonus. FICA tax was withheld on the annual earnings. Wilson authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $50 per month. 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. Requirement 1. Compute Wilson's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Wilson's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay: Gross Pay
Len Wilson is general manager of Valuepoint Salons. During 2024, Wilson worked for the company all year at a $13,200 monthly salary. He also earned a year-end bonus equal to 20% of his annual salary. Wilson's federal income tax withheld during 2024 was $1,320 per month, plus $10,138 on his bonus check. State income tax withheld came to $160 per month, plus $120 on the bonus. FICA tax was withheld on the annual earnings. Wilson authorized the following payroll deductions: Charity Fund contribution of 1% of total earnings and life insurance of $50 per month. 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. Requirement 1. Compute Wilson's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar. Begin by computing Wilson's gross pay for the year. (Round all amounts to the nearest dollar.) Gross pay: Gross Pay
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Len Wilson is general manager of Valuepoint Salons. During 2024, Wilson
worked for the company all year at a $13,200 monthly salary. He also earned
a year-end bonus equal to 20% of his annual salary. Wilson's federal income tax
withheld during 2024 was $1,320 per month, plus $10,138 on his bonus check.
State income tax withheld came to $160 per month, plus $120 on the bonus.
FICA tax was withheld on the annual earnings. Wilson authorized the following
payroll deductions: Charity Fund contribution of 1% of total earnings and life
insurance of $50 per month.
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.
Requirement 1. Compute Wilson's gross pay, payroll deductions, and net pay for the full year 2024. Round all amounts to the nearest dollar.
Begin by computing Wilson's gross pay for the year. (Round all amounts to the nearest dollar.)
Gross pay:
Gross Pay
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