Reference no: EM132676171

Problem 1. Compute Wallace's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar.

Problem 2. Compute Moonwalk's total 2018 payroll expense for Wallace.

Problem 3. Make the journal entry to record Moonwalk's expense for Wallace'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.

Problem 4. Make the journal entry to record the accrual of Moonwalk's payroll tax expense for Wallace's total earnings.

Problem 5. Make the journal entry for the payment of the payroll withholdings and taxes.