- Wayland Custom Woodworking Is A Firm That Manufactures Custom Cabinets And Woodwork For Business And Residential Custome 1 (74.51 KiB) Viewed 68 times
For the completion of this project, refer to the tax-related information in the table below. Employees' 401(k) and insurance are pre-tax for federal income tax. The SUTA (UI) rate for Wayland Custom Woodworking is 3.25% on the first $33,400 of employee wages. There is an additional 0.05% for Career Enhancement Program (CEP). Both FUTA and SUTA have a deduction for section 125 but not for 401(k) contributions by the employee. The same is applicable for the calculation of Career Enhancement Program (CEP). Employer contribution of section 125 is 1.5 times the employee portion and should be added to wages for completion of FUTA and SUTA forms. For federal tax withholding calculations, use the percentage method tables for manual payroll systems with Forms W-4 from 2021 or later. Assume, all W-4s are received in 2021 and the Step 2 of Form W-4 is not checked. Federal Unemployment Rate (employer only) (less Section 0.6% on the first $7,000 of wages Semimonthly Federal Percentage Method for Manual Appendix Payrolls with Forms W-4 from 2020 or later Tax Table State Unemployment Rate (employer only)(less Section 3.25% on the first $33,400 of wages 125) Nevada Career Enhancement Program (employer only) (less 0.05% on the first $33,400 of wages Section 125) October 1 Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland's staff: 125) Employee Number 00-Chins 00-Wayla 01- Peppi Name and Address Anthony Chinson 530 Chimney Rock Road Stateline, NV 89449 775-555-1212 Job title: Account Executive Mark Wayland 1650 Power House Drive Glenbrook, NV 89413 775-555-1110 Job title: President/Owner Sylvia Peppinico 1575 Flowers Avenue Glenbrook, NV 89413 775-555-2244 Job title: Craftsman Stevon Cooper 2215 Lands End Drive Glenbrook, NV 89413 775-555-9981 Job title: Craftsman Leonard Hissop 333 Engine House Circle Glenbrook, NV 89413 775-555-5858 Job title: Purchasing/Shipping Student Success 16 Kelly Circle #2 Glenbrook, NV 89413 775-556-1211 Job title: Accounting Clerk Payroll information Married/Joint; 2 < 17 Exempt $48,000/year + commission Start Date: 10/1/2021 SSN: 511-22-3333 Married/Joint; 3 <17, 1 Other Exempt $85,000/year Start Date: 10/1/2021 SSN: 505-33-1775 Married/Joint; 1 < 17, 1 Other Exempt $58,500/year Start Date: 10/1/2021 SSN: 047-55-9951 Single; None Nonexempt $62,000/year Start Date: 10/1/2021 SSN: 022-66-1131 Single; 1 Other Nonexempt $51,500/year Start Date: 10/1/2021 SSN: 311-22-6698 Single; None Nonexempt $42,000/year Start Date: 10/1/2021 SSN: 555-55-5555 01-Coope 02-Hisso 00-Succe
The departments are as follows: Department 00: Sales and Administration Department 01: Factory workers Department 02: Delivery and Customer service You have been hired as of October 1 as the new accounting clerk. Your employee number is 00-SUCCE. Your name is Student Success. Your address is 16 Kelly Circle #2, Glenbrook, NV 89413. Your phone number is 775-556-1211, you were born July 16, 1985, your Nevada driver's license number is 168575381944 expiring on your birthday in 2024, and your Social Security number is 555-55-5555. You are nonexempt and paid at a rate of $42,000 per year as an accounting clerk. The balance sheet for WCW as of November 30, 2021, is as follows: Assets Cash Supplies Office Equipment Inventory Vehicle Accumulated Depreciation, Vehicle Building Accumulated Depreciation, Building Land Total Assets Wayland Custom Woodworking Balance Sheet November 30, 2021 Liabilities & Equity $ 1,075,478.16 Accounts Payable 42,240.11 Salaries and Wages Payable 87,250.00 Federal Unemployment Tax Payable 167,099.00 Social Security Tax Payable 25,000.00 Medicare Tax Payable 0.00 State Unemployment Tax Payable 164,000.00 Career Enhancement Program Payable 0.00 Employee Federal Income Tax Payable 35,750.00 401(k) Contributions Payable $ 1,596,817.27 Employee Medical Premiums Payable Notes Payable Total Liabilities Owners' Equity Retained Earnings Total Equity Total Liabilities and Equity $ 112,747.25 14,946.28 62.26 4,041.54 945.24 1,059.26 16.30 1,499.57 1,223.46 750.00 210,426.11 346,817.27 1,250,000.00 0.00 1,250,000.00 $ 1,596,817.27 Voluntary deductions for each employee are as follows: Name Chinson Wayland Peppinico Deduction Insurance: $50/paycheck 401(k): 3% of gross pay Insurance: $75/paycheck 401(k): 6% of gross pay Insurance: $75/paycheck 401(k): $50 per paycheck Insurance: $50/paycheck 401(k): 4% of gross pay Insurance: $75/paycheck 401(k): 3% of gross pay Insurance: $50/paycheck 401(k): 3% of gross pay Cooper Hissop Success
Required: 2. Complete the payroll process for Wayland Custom Woodworking's last two pay periods of the fourth quarter. Please note that you must carry the ending balance from each account in the December 15 General Ledger to the following period's General Ledger to the input boxes titled "Ending account balance from the prior period" before posting the payroll journal entries from the current period to the Ledger For additional instructions on how to carry information from one pay period General Ledger to another, along with a guided walkthrough example of this process, refer to the project user guide in the project information section above. Sunday Monday Tuesday 5 12 19 26 6 13 20 27 7 14 21 28 December 2021 Wednesday Thursday 1 2 8 9 15 16 22 23 29 30 Friday 3 10 17 24 31 Saturday 4 11 18 25 No employee has additional information in Step 4 of their W-4s, all W-4s were received in 2021, no box 2c has been checked. Refer to page 54 of publication 15-T December 15 December 15 is the end of the first pay period for the month of December. Employee pay will be disbursed on December 20, 2021. Remember that the employees are paid on a semimonthly basis. Compute the net pay and update the Employees' Earnings Records with the December 15 pay and the new YTD information. Any hours worked in excess of 88 hours during this pay period are considered overtime for nonexempt employees. • Complete the Employee Gross Pay tab. • Complete the Payroll Register for December 15 Pay. Employee pay will be disbursed on December 20, 2021. • Refer to the Employee Earning Record Forms for each employee for the current YTD amounts after you have completed the December 15 Payroll Register and update each EERF with the amounts from the current period. YTD amounts from the previous four pay periods of the fourth quarter are shown for each employee. • Complete the General Journal entries for the December 15 payroll. • Post the journal entries to the General Ledger. Amounts for the ledger accounts from the previous four pay periods of the fourth quarter are shown.
December 31 The final pay period of the year will not be paid to employees until January 4, 2022. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year. The company pays for Christmas Eve and the day of Christmas for 2020. Employees will be paid for both Thursday and Friday as holiday pay. Standard time for the pay period was 96 hours, but employees worked extra hours on Saturday 12/26. Reminder, holidays and vacations are not included as hours worked for calculation of overtime. • Complete the Employee Gross Pay tab. Complete the Payroll Register for December 31. Complete the General Journal entries for the December 31 payroll. Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger. Complete the question by filling in all answers in the tabs below. Employee Payroll General General Gross pay Register Journal Ledger Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. (Round answers for hourly rate or period wages to 5 decimal places and all other answers to 2 decimals.) Show less Last Name Hourly Rate or Period Wage (Round to 5 decimal) Pay Period Hours 12/16-12/31 Regular Overtime Holiday Commission $ 1,015.00 Chinson Wayland Peppinico Cooper Hissop Student 96 hours (exempt - 16 hours Holiday) 96 hours (exempt - 16 hours Holiday) 96 hours (exempt - 16 hours Holiday) 98 hours (16 Holiday) 97 hours (16 Holiday) 99 hours (16 Holiday) <Employee Gross pay Payroll Register >
Employee Gross pay Payroll Register General Journal General Ledger Complete the payroll register for the December 31 pay period. (Round your answers to 2 decimal places.) Run Date 12/31/2021 Company Name: Wayland Custom Woodworking Payroll End Date 12/31/2021 Check Date 01/04/2022 Name Number of Hourly Rate or Period Number of Overtime Filing Status Dependents Number of Taxable Wages for Taxable Wages Commissions Regular Hours Hours Section 125 Holiday Hours wage Gross Earnings 401(k) Federal W/H for FICA Anthony Chinson $ 0.00 $ 0.00 Mark Wayland 0.00 0.00 Sylvia Peppinico 0.00 0.00 Stevon Cooper 0.00 0.00 Leonard Hissop 0.00 0.00 Student Success 0.00 0.00 Totals $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 Taxable Wages for Gross Earning Taxable Wages for Name Federal W/H Tax Federal W/H Medicare W/H Tax Social Security Tax Total Deduction Check FICA Net Pay Number Anthony Chinson $ 0.00 $ 0.00 $ 0.00 4245 Mark Wayland 0.00 0.00 0.00 4246 Sylvia Peppinico 0.00 0.00 0.00 4247 Stevon Cooper 0.00 0.00 0.001 4248 Leonard Hissop 0.00 0.00 0.00 4249 Student Success 0.00 0.00 0.00 4250 Totals $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 <Employee Gross pay General Journal >