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 compl

Required information

[The following information applies to the questions displayed below.]

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 1716 Nichol Street, Logan, Utah, 84321, phone number 435-555-9877. The owner is Mark Wayland. Wayland’s EIN is 91-7444533, and the Utah Employer Account Number is 999-9290-1. Wayland has determined it will pay their employees on a semimonthly basis. Federal income tax should be computed using the percentage method.

For Part 2 of this project, you will complete payroll for the last month (December) of the fourth quarter (Q4) of 2018, which consists of the final two pay periods of the year. Then file the annual tax forms for Wayland as well as prepare each employee's Form W-2 in Part 2.

The SUTA (UI) rate for Wayland Custom Woodworking is 2.6 percent on the first $34,300. The state withholding rate is 4.95 percent for all income levels and marital statuses.

For Part 2 of this project, you will use the fourth quarter payroll information that you calculated in Part 1 to complete the following tax forms for Wayland Custom Woodworking:

• U.S. Form 941

• U.S. Form 940

• Utah Form TC-941

• Utah Form 33H

• Form W-2s for all 6 employees

• Form W-3 for WCW

Employer amounts for health coverage should be reported as 1.5 times the employee's premium in Box 12, using Code DD.
Specific instructions on how to complete each form can be found within the individual forms themselves. The employee information for Wayland has been presented again below, for convenience.

Total deposits made for the quarter is $11,042.58.
Monthly tax liability:

FUTA tax deposited for the year, including any overpayment applied from a prior year is $247.45.

If you have submitted Part 1 already, it is recommended that you access your submission while attempting Part 2, as you will need the information from Part 1 in order to complete all applicable tax forms.

For additional instructions on how to navigate and work through through Part 2 of this project, please download the student project guide here.

Required:

2. Complete Form 940 for Wayland Custom Woodworking.

Required information

[The following information applies to the questions displayed below.]

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 1716 Nichol Street, Logan, Utah, 84321, phone number 435-555-9877. The owner is Mark Wayland. Wayland’s EIN is 91-7444533, and the Utah Employer Account Number is 999-9290-1. Wayland has determined it will pay their 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 entire fourth quarter (Q4) of 2018, which consists of the final six 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.

The SUTA (UI) rate for Wayland Custom Woodworking is 2.6 percent on the first $34,300. The state withholding rate is 4.95 percent for all income levels and marital statuses, a table has been included to assist with calculations.

Rounding can create a challenge. For this project, the hourly rate for the individuals should be rounded to five decimal places. So take their salary and divide by 2,080 (52 weeks at 40 hours per week) for full-time, nonexempt employees. For nonexempt employees, such as Stevon Varden, Varden’s salary is $42,000 and is a nonexempt employee, so the calculation will be $42,000/2,080, which would give you $20.19231 per hour, and use this to compute the employee’s gross pay based on the number of hours worked. When a nonexempt employee has worked overtime hours for a given pay period, take their regular hourly rate and multiply it by 1.5, round the result to 5 decimal places, and multiply the new rate by their number of overtime hours.

For exempt employees', such as Anthony Chinson, an hourly rate rounded to five decimal places should be determined using the same method shown above, but gross pay should be determined by taking the exempt employee’s yearly salary and dividing it by 24, which is the number of payroll periods with a semimonthly frequency. For example, Chinson’s salary is $24,000 and is a full time employee. Chinson’s hourly rate is $11.53846 (determined by taking $24,000/2,080), but as he is an exempt employee, the calculation for his gross pay will be $24,000/24, which would give you $1,000. For pay periods that include paid holidays, ensure to distribute an exempt employee's regular pay accordingly to holiday pay based on the number of hours that consist of the holidays for that period.

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 22-23.

• Christmas, which is a Tuesday. Employees receive holiday pay for  Monday, December 24, and Tuesday, December 25.

For the completion of this project, refer to the tax-related information in the table below. For federal withholding calculations, use the percentage method tables in Appendix C, which is provided below. For Utah state withholding calculations, use the Utah Schedule 3 tax tables linked below (ensure to use the appropriate Utah table based on each employee's marital status). Both 401(k) and insurance are pretax for federal income tax and Utah income tax.

October 1:

Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland’s staff:
 

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 1650 South Street, Logan, UT 84321. Your phone number is 435-556-1211, you were born July 16, 1985, your Utah driver's license number is 887743 expiring in 7/16/2019, and your Social Security number is 555-55-5555. You are considered a nonexempt employee, have one withholding allowance, and paid a rate of $36,000 per year.

The balance sheet for WCW as of September 30, 2018, is as follows:
 

Voluntary deductions for each employee are as follows:

For additional instructions on how to navigate and work through through Part 1 of this project, please download the student project guide here.

Required:

2. Complete the payroll process for Wayland Custom Woodworking's fourth quarter pay periods. Please note that for pay periods after October 15, you must carry the current ending year to date (YTD) amounts as they appear from the prior pay period from each employee's Employee Earnings Records form (EERF) to the rows titled "Prior Period YTD". Amounts from the current pay period will be auto-populated to the employee EERFs once you complete the payroll register, and will be combined with the prior period YTD amounts to determine the new current ending YTD amounts.

For example, if the year to date gross pay for Anthony Chinson is $5,000 after the October 31 pay period, you would take this amount and add it to the appropriate input box for gross pay on the "Prior Period YTD" row for their November 15 EERF. 

Additionally, you must carry the ending balance from each account in the prior period 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 to another, along with a guided walkthrough example of this process, refer to the project user guide in the project information section above.

October 15

October 15 is the end of the first pay period for the month of October. Employee pay will be disbursed on October 20, 2018. Any time worked in excess of 88 hours during this pay period is considered overtime for nonexempt employees. Remember that the employees are paid on a semimonthly basis.

• Complete the Employee Gross Pay tab.

• Complete the Payroll Register for October 15.

• Refer to the Employee Earnings Record Forms for each employee for the current YTD amounts after you have completed the October 15 Payroll Register. Amounts from the current period are auto-populated from the Payroll Register.

• Complete the General Journal entries for the October 15 payroll.

• Post the journal entries to the General Ledger.

omplete the question by filling in all answers in the tabs below.

• Employee Grosspay

• Payroll Register

• Chinson EERF

• Wayland EERF

• Peppinico EERF

• Varden EERF

• Hissop EERF

• Success EERF

• General Journal

• General Ledger

Compute the hourly rates as well as the gross earnings for regular and overtime pay for each employee for the October 15 pay period. Remember that while you are computing an hourly rate for all employees, the regular 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. (Round answers for hourly rate to 5 decimal places and all other answers to 2 decimals.)

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• Employee Grosspay

• Payroll Register

*Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.

October 31

October 31 is the end of the final pay period for the month. Employee pay will be disbursed on November 5, 2018. Compute the employee pay below. Update the Employees' Earnings Records for the period's pay and update the YTD amount. Any time worked in excess of 96 hours during this pay period is considered overtime for nonexempt employees. Remember that the employees are paid semi-monthly.

• Complete the Employee Gross Pay tab.

• Complete the Payroll Register for October 31.

• You must update the Employee Earnings Record Forms for each employee with the ending YTD amounts from October 15 (the prior pay period) in the "Prior Period YTD" rows. Amounts from the current period are auto-populated from the Payroll Register on the row for October 31.

• Complete the General Journal entries for the October 31 payroll.

• Update the General Ledger with the ending ledger balances from the October 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 Grosspay

• Payroll Register

• Chinson EERF

• Wayland EERF

• Peppinico EERF

• Varden EERF

• Hissop EERF

• Success EERF

• General Journal

• General Ledger

Compute the gross earnings for regular and overtime pay for each employee for the October 31 pay period. Remember that while an hourly rate is shown for all employees, the regular 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. The pay rates for each employee have been given from the prior period. (Round your answers to 2 decimals.)

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Complete the question by filling in all answers in the tabs below.

• Employee Grosspay

• Payroll Register

• Chinson EERF

• Wayland EERF

• Peppinico EERF

• Varden EERF

• Hissop EERF

• Success EERF

• General Journal

• General Ledger

Compute the gross earnings for regular and overtime pay for each employee for the November 15 pay period. Remember that while an hourly rate is shown for all employees, the regular 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. The pay rates for each employee have been given from the prior period. (Round your answers to 2 decimals.)

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November 30

Compute the Net Pay for each employee. Employee pay will be disbursed on December 5, 2018. Update the Employees' Earnings Record with the November 30 pay and the new YTD amount.

The company is closed and pays for the Friday following Thanksgiving. The employees will receive holiday pay for Thanksgiving and the Friday following. All the hours over 88 are eligible for overtime for nonexempt employees as they were worked during the non-holiday week.

Complete the Employee Gross Pay tab.

Complete the Payroll Register for November 30.

You must update the Employee Earnings Record Forms for each employee with the ending YTD amounts from November 15 (the prior pay period) in the "Prior Period YTD" rows. Amounts from the current period are auto-populated from the Payroll Register on the row for November 30.

Complete the General Journal entries for the November 30 payroll.

Update the General Ledger with the ending ledger balances from the November 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 Grosspay

• Payroll Register

• Chinson EERF

• Wayland EERF

• Peppinico EERF

• Varden EERF

• Hissop EERF

• Success EERF

• General Journal

• General Ledger

Compute the gross earnings for regular, overtime, and holiday pay for each employee for the November 30 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 your answers to 2 decimals.)

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• Employee Grosspay

• General Ledger

Compute the gross earnings for regular and overtime pay for each employee for the December 15 pay period. Remember that while an hourly rate is shown for all employees, the regular 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. The pay rates for each employee have been given from the prior period. (Round your answers to 2 decimals.)

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• Employee Grosspay

• Payroll Register

• *Re

Complete the question by filling in all answers in the tabs below.

• Employee Grosspay

• Payroll Register

• Chinson EERF

• Wayland EERF

• Peppinico EERF

• Varden EERF

• Hissop EERF

• Success EERF

• General Journal

• General Ledger

• d text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. Register

*Red text indicates no response was expected in a cell or a formu

• 
  Employee Grosspay

• Payroll Register

• General Journal

• General 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 your answers to 2 decimals.)

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Payroll Register

Complete the payroll register for the November 15 pay period. (Round your answers to 2 decimal places.)

• Employee Grosspay

• The following is the Employee Earnings Record Form for Anthony Chinson for the November 15 pay period. Amounts shown for the current pay period are from the Payroll Register. Using the Year to Date (YTD) information for this employee from the previous pay period, input YTD figures in the appropriate rows for both sections of the EERF. The amounts shown in the "Current YTD" rows will be used to complete the Employee Earnings Record Forms for the following pay period. (Enter your answers rounded to 2 decimal places.)

The following is the Employee Earnings Record Form for Mark Wayland for the November 15 pay period. Amounts shown for the current pay period are from the Payroll Register. Using the Year to Date (YTD) information for this employee from the previous pay period, input YTD figures in the appropriate rows for both sections of the EERF. The amounts shown in the "Current YTD" rows will be used to complete the Employee Earnings Record Forms for the following pay period. (Enter your answers rounded to 2 decimal places.)

The following is the Employee Earnings Record Form for Mark Wayland for the November 15 pay period. Amounts shown for the current pay period are from the Payroll Register. Using the Year to Date (YTD) information for this employee from the previous pay period, input YTD figures in the appropriate rows for both sections of the EERF. The amounts shown in the "Current YTD" rows will be used to complete the Employee Earnings Record Forms for the following pay period. (Enter your answers rounded to 2 decimal places.)

loyee from the previous pay period, input YTD figures in the appropriate rows for both sections of the EERF. The amounts shown in the "Current YTD" rows will be used to complete the Employee Earnings Record Forms for the following pay period. (Enter your answers rounded to 2 decimal places.)

• Wayland EERF

The following is the Employee Earnings Record Form for Stevon Varden for the November 15 pay period. Amounts shown for the current pay period are from the Payroll Register. Using the Year to Date (YTD) information for this employee from the previous pay period, input YTD figures in the appropriate rows for both sections of the EERF. The amounts shown in the "Current YTD" rows will be used to complete the Employee Earnings Record Forms for the following pay period. (Enter your answers rounded to 2 decimal places.)

• Peppinico EERF

The following is the Employee Earnings Record Form for Leonard Hissop for the November 15 pay period.  Amounts shown for the current pay period are from the Payroll Register.  Using the Year to Date (YTD) information for this employee from the previous pay period, input YTD figures in the appropriate rows for both sections of the EERF.  The amounts shown in the "Current YTD" rows will be used to complete the Employee Earnings Record Forms for the following pay period. (Enter your answers rounded to 2 decimal places.)

• Varden EERF

 by filling in all answers in the tabs below.

• Employee Grosspay

• Payroll Register

• Chinson EERF

• Wayland EERF

• Peppinico EERF

• Varden EERF

• Hissop EERF

• Success EERF

• General Journal

• General Ledger

The following is the Employee Earnings Record Form for Student Success for the November 30 pay period. Amounts shown for the current pay period are from the Payroll Register. Using the Year to Date (YTD) information for this employee from the previous pay period, input YTD figures in the appropriate rows for both sections of the EERF. The amounts shown in the "Current YTD" rows will be used to complete the Employee Earnings Record Forms for the following pay period. (Enter your answers rounded to 2 decimal places.)

• Hissop EERF

Journal

Enter debits before credits.

ote: Enter debits before credits.

• ecord the entry for payment of semimonthly employee wages for the period ending on November 30.

Note: Enter debits before credits.

• Record the entry for remittance of 401(k) contribution and employee medical premiums for the month of November.

Note: Enter debits before credits.

• Record the entry for remittance of 401(k) contribution and employee medical premiums for the month of November.

Note: Enter debits before credits.

• Record the entry for remittance of employment taxes for the month of November.

Note: Enter debits before credits.