Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential custome

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Wayland Custom Woodworking Is A Firm That Manufactures Custom Cabinets And Woodwork For Business And Residential Custome 1 (74.51 KiB) Viewed 50 times

Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers. Students will have the opportunity to establish payroll records and to complete a month of payroll information for Wayland. Wayland Custom Woodworking is located at 12850 Old Highway 50, Glenbrook, Nevada, 89413, phone number 775-555-9877. The owner is Mark Wayland. Wayland's EIN is 91-7444533, and the Nevada Employer Account Number is E6462582020-6. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the percentage method. For Part 1 of this project, you will complete payroll for the last month (December) of the fourth quarter (Q4) of 2021, which consists of the final pay periods of the year. Once payroll has been completed for the fourth quarter, you will then file the annual tax forms for Wayland as well as prepare each employee's Form W-2 in Part 2. Rounding can create a challenge. For this project, the hourly rate for the individuals should be rounded to five decimal places. Take the employee's salary and divide it by 2,080 (52 weeks at 40 hours per week) for full-time, nonexempt employees. NOTE: Leave the hourly rate rounded to 5 decimal places as shown in this example. After the gross pay has been calculated, then round the result to two decimal points prior to calculating taxes or other withholdings. Example: Annual Salary to Hourly Rate, Nonexempt Employee Employee Cooper's annual salary is $62,000, and he is a nonexempt employee. Hourly rate = $62,000 / (52 x 40) = $62,000 / 2,080 Hourly rate = $29.80769 per hour Example: Period Gross Pay, Salaried Employee Employee Chinson earns an annual salary of $48,000 and is paid semimonthly. Period gross pay = $48,000 / 24 = $2,000 gross pay For pay periods with holiday hours: determine the amount paid per day, multiply by the number of days applicable to each pay period. Annual salary: $48,000 / (52 * 5) = $48,000 / 260 = $184.61538 (rounded to 5 decimal points) per day. Once you have the holiday pay, subtract it from their salary for the period for regular time. After the gross pay has been calculated, round the result to only two decimal points prior to calculating taxes or other withholdings. Employees are paid for the following holidays occurring during the final quarter: • Thanksgiving day and the day after, Thursday and Friday, November 25-26. • Christmas is on Saturday. Employees receive holiday pay for Friday, December 24.
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.
The following is the Employee Earning Record Form for Student Success (You) for the December 15 pay period. Amounts from the first four pay periods of the fourth quarter (October 15 to November 30) are shown. Using the payroll register you have just December 15 pay period for Success to complete the EERF. (Round your intermediate computations and final answers to 2 decimal places.) Name Address City/State/Zip Telephone Social Security Number Student Success 16 Kelly Circle #2 Glenbrook, NV 89413 775-556-1211 555-55-5555 EMPLOYEE EARNINGS RECORD Hire Date 10/01/2021 Date of Birth 07/16/1985 Position Accounting Clerk Filing Status Single Pay Rate (Hourly, Yearly, Yearly + Commission) $42,000 per year + Gross Pay Section 125 401(k) $ 55.13 1,837.50 $ 1,675.96 1,928.37 1,807.21 50.00 50.00 50.00 50.00 50.28 57.85 54.22 Dependent child<17 none Dependent other none Step 4a W-4 Info none Step 4b W-4 Info Inone Step 4c W-4 Info none Taxable Pay FUTA per Taxable Pay (FICA) SUTA per NVC per (Federal) period period period $ 1,732.37 $ 1,787.50 $ 10.73 $ 58.09 $ 0.89 1,575.68 1,625.96 9.76 52.84 0.81 1,820.52 1,878.37 11.27 61.05 0.94 1,702.99 1,757.21 10.25 57.11 0.88 0.00 0.00 $ 6,831.56 $ 7,049.04 $ 42.01 $ $ 229.09 $ 3.52 Current Taxable for Current Taxable for FUTA SUTA $ 1,787.50 $ 1,787.50 1,625.96 1,625.96 1,878.37 1,878.37 1,708.17 1,757.21 7,249.04 $ 200.00 $ Period Ended Hours Worked Regular Pay O.T. Pay Holiday Pay Commissions 10/15/2021 90.00 $ 1,776.92 $ 60.58 $ 10/31/2021 82.00 1,615.38 60.58 11/15/2021 93.00 1,776.92 151.44 11/30/2021 89.00 1,453.85 30.29 323.07 12/15/2021 Current YTD 354.00 $ 6,623.07 $ 302.89 $ 323.07 $ 0.00 $ Taxable Pay for Taxable Pay for Federal Income Social Security Medicare Total Deductions Federal FICA Tax Tax $ $ 1,787.50 $ 136.82 $ 110.83 $ $ 25.92 $ 378.70 $ 1,575.68 1,625.96 118.02 100.81 23.58 342.69 1,820.52 1,878.37 147.40 116.46 27.24 398.95 1,702.99 1,757.21 133.30 108.95 25.48 371.95 0.00 0.00 0.00 Current YTD $ 6,831.56 $ $ 7,049.04 $ 535.54 $ $ 437.05 $ 102.22 $ 1,492.29 $ 217.48 Net pay YTD Net Pay YTD Gross Pay 1,732.37 1,458.00 $ $ 1,333.27 1,529.42 1,435.26 1,458.00 $ $ 2,792.06 4,321.48 5,756.74 1,837.50 3,513.46 5,441.83 7,249.04 5,755.951 < Hissop EERF General Journal >
Complete the General Journal entries for the December 15 payroll. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate computations and final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 Record the entry for employee semimonthly payroll expenses for the period ending on December 15. Note: Enter debits before credits. General Journal Debit Credit Date December 15 Record entry Clear entry View general journal
Complete the General Journal entries for the December 15 payroll. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate computations and final answers to 2 decimal places.) View transaction list Journal entry worksheet < 12 3 Σ Record the entry for employer semimonthly payroll taxes for the period ending on December 15. Note: Enter debits before credits. General Journal Debit Credit Date December 15 Record entry Clear entry View general journal
Complete the General Journal entries for the December 15 payroll. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your intermediate computations and final answers to 2 decimal places.) View transaction list Journal entry worksheet < 1 2 3 Record the entry for payment of semimonthly employee wages for the period ending on December 15. Note: Enter debits before credits. General Journal Debit Credit Date December 20 Record entry Clear entry View general journal
Post the transactions from the current period journal entries to the General Ledger. The amounts currently shown are the result of posted transactions to the General Ledger from the first four pay periods (October 15 to November 30). Final amounts in the "Balance" column after posting the December 15 transactions will be used in the following pay period as the ending account balance from the prior period. (Enter each transaction in the order that they were journalized. Round your intermediate computations and final answers to 2 decimal places.) Show less Account Number: 101 Cash Debit Credit Date Beginning Balance October 19 November 4 November 4 Balance 1,125,000.00 1,111,568.11 1,098,209.32 1,096,265.52 1,088,808.16 1,075,478.16 1,061,431.88 1,059,458.42 1,051,834.25 13,431.89 13,358.79 1,943.80 7,457.36 13,330.00 14,046.28 1,973.46 7,624.17 Account Number: 203 Employee Federal Income Tax Payable Date Debit Credit Balance October 15 688.61 688.61 October 31 669.16 1,357.77 November 4 1,357.77 0.00 November 15 710.96 710.96 November 30 788.61 1,499.57 December 4 1,499.57 0.00 November 4 November 19 December 4 December 4 December 4 Account Number: 204 Social Security Tax Payable Date Debit Credit Balance October 15 988.20 988.20 October 15 988.20 1,976.40 October 31 981.74 2,958.14 October 31 981.74 3,939.88 November 4 3,939.88 0.00 November 15 982.93 982.93 November 15 982.93 1,965.86 November 30 1,037.84 3,003.70 November 30 1,037.84 4,041.54 December 4 4,041.54 0.00 Account Number: 205 Medicare Tax Payable Date Debit Credit Balance October 15 231.12 231.12 October 15 231.12 462.24 October 31 229.61 691.85 October 31 229.61 921.46 November 4 921.46 0.00 November 15 229.89 229.89 November 15 229.89 459.78 November 30 242.73 702.51 November 30 242.73 945.24 December 4 945.24 0.00
Account Number: 208 401(k) Contributions Payable Date Debit Credit Balance October 15 598.76 598.76 October 31 595.04 1,193.80 November 4 1,193.80 0.00 November 15 599.79 599.79 November 30 623.67 1,223.46 December 4 1,223.46 0.00 Account Number: 209 Employee Medical Premiums Payable Date Debit Credit Balance October 15 375.00 375.00 October 31 375.00 750.00 November 4 750.00 0.00 November 15 375.00 375.00 November 30 375.00 750.00 December 4 750.00 0.00 Account Number: 210 Salaries and Wages Payable Date Debit Credit Balance October 15 13,431.89 13,431.89 October 19 13,431.89 0.00 October 31 13,358.79 13,358.79 November 4 13,358.79 0.00 November 15 13,330.00 13,330.00 November 19 13,330.00 0.00 November 30 14,046.28 14,046.28 December 4 14,046.28 0.00 Account Number: 211 Federal Unemployment Tax Payable Date Debit Credit Balance October 15 95.63 95.63 October 31 94.11 189.74 November 4 189.74 0.00 November 15 50.09 50.09 November 30 12.17 62.26 December 4 62.26 0.00 Account Number: 212 State Unemployment Tax Payable Date Debit Credit Balance October 15 518.00 518.00 October 31 514.62 1,032.62 November 4 1,032.62 0.00 November 15 515.24 515.24 November 30 544.02 1,059.26 December 4 1,059.26 0.00 Account Number: 213 Career Enhancement Program Payable Date Debit Credit Balance October 15 7.97 7.97 October 31 7.92 15.89 November 4 15.89 0.00 November 15 7.93 7.93 November 30 8.37 16.30 December 4 16.30 0.00
Date October 15 October 31 November 15 November 30 Account Number: 514 Payroll Taxes Expense Debit Credit 1,840.92 1,827.99 1,786.08 1,845.13 Balance 1,840.92 3,668.91 5,454.99 7,300.12 Account Number: 515 Salaries and Wages Expense Date Debit Credit Balance October 15 16,313.58 16,313.58 October 31 16,209.35 32,522.93 November 15 16,228.57 48,751.50 November 30 17,114.14 65,865.64 65,865.64 < General Journal General Ledger