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Problem 1. Compute White's gross pay, payroll deductions, and net pay for the full year 2018. Round all amounts to the nearest dollar.
Problem 2. Compute Valuepoint's total 2018 payroll expense for White.
Problem 3. Make the journal entry to record Valuepoint's expense for White'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 Valuepoint's payroll tax expense for White's total earnings.
Problem 5. Make the journal entry for the payment of the payroll withholdings and taxes.
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