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Compute Wallace gross pay and payroll deductions

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Reference no: EM132962181

Problem - Liam Wallace is general manager of Stoneybrook Salons. During 2024, Wallace worked for the company all year at a $10,600 monthly salary. He also earned a year-end bonus equal to 5% of his annual salary. Wallace's federal income tax withheld during 2024 was $2,332 per month, plus $2,035 on his bonus check. State income tax withheld came to $60 per month, plus $30 on the bonus. FICA tax was withheld on the annual earnings. Wallace authorized the following payroll deductions: Charity Fund contribution of 4% of total earnings and life insurance of $25 per month.

Required -

1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2024.

2. Compute Stoneybrook's total 2024 payroll tax expense for Wallace.

Reference no: EM132962181

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