Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Wayland custom woodworking payroll project answers

28/12/2020 Client: saad24vbs Deadline: 10 Days

Question 1)

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 last month (December) of the fourth quarter (Q4) of 2016, which consists of the final two 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% on the first $32,200. The state withholding rate is 5.0% for all income levels and marital statuses, which will be used in computing Utah withholding tax for each employee using the tax tables provided below.




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 all full time employees, both exempt and nonexempt. 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.




Employees are paid for the following holidays occurring during the final quarter:


· Thanksgiving day and the day after, Thursday and Friday November 24-25


· Christmas, which is a Sunday. When holidays occur on a weekend, the preceding Friday, December 23, is considered a holiday. Employees receive holiday pay for Monday, December 26.




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.






Federal Withholding Allowance (less 401(k), Section 125)


$168.80 per allowance claimed


Semimonthly Federal Percentage Method Tax Table


Appendix C Page 254 Table #3


Federal Unemployment Rate (employer only) (less Section 125)


0.6% on the first $7,000 of wages


State Withholding Rate (less 401(k), Section 125)


See Utah Schedule 3, Table 1 or use the Excel Version of Schedule 3


State Unemployment Rate (employer only) (less Section 125)


2.6% on the first $32,200 of wages




The balance sheet for WCW as of November 30, 2016, is as follows:


Wayland Custom Woodworking Balance Sheet 11/30/2016


Assets




Liabilities & Equity


Cash


$


1,086,269.51




Accounts Payable


$


150,230.89


Supplies




10,283.15




Salaries and Wages Payable




10,319.19


Office Equipment




130,202.16




Federal Unemployment Tax Payable




1,920.92


Inventory




221,163.81




Social Security Tax Payable




3,219.22


Vehicle




25,000.00




Medicare Tax Payable




752.88


Accumulated Depreciation, Vehicle




(1,420.00)




Federal Unemployment Tax Payable




92.32


Building




164,000.00




State Unemployment Tax Payable




674.99


Accumulated Depreciation, Building




(3,221.00)




Employee State Income Tax Payable




1,088.86


Land




35,750.00




401(k) Contributions Payable




1,018.66


Total Assets




1,668,027.63




Employee Medical Premiums Payable




750.00










Notes Payable




211,000.00










Utilities Payable




2,825.43










Total Liabilities




383,893.36










Owners' Equity




1,250,000.00










Retained Earnings




34,134.27










Total Equity




1,284,134.27










Total Liabilities and Equity




1,668,027.63




October 1:


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




Employee Number


Name and Address


Payroll information


00-Chins


Anthony Chinson


Married, 1 Withholding allowance


530 Sylvann Avenue


Exempt


Logan, UT 84321


$24,000/year + commission


435-555-1212


Start Date: 10/1/2016


Job title: Account Executive


SSN: 511-22-3333








00-Wayla


Mark Wayland


Married, 5 withholding allowances


1570 Lovett Street


Exempt


Logan, UT 84321


$75,000/year


435-555-1110


Start Date: 10/1/2016


Job title: President/Owner


SSN: 505-33-1775






01-Peppi


Sylvia Peppinico


Married, 7 withholding allowances


291 Antioch Road


Exempt


Logan, UT 84321


$43,500/year


435-555-2244


Start Date: 10/1/2016


Job title: Craftsman


SSN: 047-55-9951






01-Varde


Stevon Varden


Married, 2 withholding allowances


333 Justin Drive


Nonexempt


Logan, UT 84321


$42,000/year


435-555-9981


Start Date: 10/1/2016


Job title: Craftsman


SSN: 022-66-1131






02-Hisso


Leonard Hissop


Single, 4 withholding allowances


531 5th Street


Nonexempt


Logan, UT 84321


$49,500/year


435-555-5858


Start Date: 10/1/2016


Job title: Purchasing/Shipping


SSN: 311-22-6698






00-Succe


Student F Success


Single, 1 withholding allowance


1650 South Street


Nonexempt


Logan, UT 84321


$36,000/year


435-556-1211


Start Date: 10/1/2016


Job title: Accounting Clerk


SSN: 555-55-5555








Voluntary deductions for each employee are as follows:




Name


Deduction


Chinson


Insurance: $50/paycheck


401(k): 3% of gross pay


Wayland


Insurance: $75/paycheck


401(k): 6% of gross pay


Peppinico


Insurance: $75/paycheck


401(k): $50 per paycheck


Varden


Insurance: $50/paycheck


401(k): 4% of gross pay


Hissop


Insurance: $75/paycheck


401(k): 3% of gross pay


Student


Insurance: $50/paycheck


401(k): 3% of gross pay






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 F 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 7/16/2018, 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.




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


rev: 01_11_2017_QC_CS-74391


Required:




1. Complete the W-4 and, using the given information, complete the I-9 form to start your employee file. Complete it as if you are single with one withholding, you contribute 3% to a 401(k), and health insurance is $50 per pay period. The following file provides the lists of acceptable documents for Form I-9.




(NOTE): Further instructions on format can be found on certain cells within the forms. Employer I9 PG 2 Section should also be completed.










Question 2) 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 last month (December) of the fourth quarter (Q4) of 2016, which consists of the final two 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% on the first $32,200. The state withholding rate is 5.0% for all income levels and marital statuses, which will be used in computing Utah withholding tax for each employee using the tax tables provided below.




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 all full time employees, both exempt and nonexempt. 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.




Employees are paid for the following holidays occurring during the final quarter:


· Thanksgiving day and the day after, Thursday and Friday November 24-25


· Christmas, which is a Sunday. When holidays occur on a weekend, the preceding Friday, December 23, is considered a holiday. Employees receive holiday pay for Monday, December 26.




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.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Essay Tutor
Homework Guru
University Coursework Help
Helping Hand
Writer Writer Name Offer Chat
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$145 Chat With Writer
Homework Guru

ONLINE

Homework Guru

Hi dear, I am ready to do your homework in a reasonable price and in a timely manner.

$142 Chat With Writer
University Coursework Help

ONLINE

University Coursework Help

Hi dear, I am ready to do your homework in a reasonable price.

$142 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$140 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Irish and chin sound chat radio - What is the probability of rolling 7 with two dice - The hero yoshihiko and the demon king's castle netflix - Family planning west lothian - 150 Word Discussion Reply - Erin brockovich movie answers - Rok week 9 discussion eco - Goldengate org tolls sitemap php - Objective of front office department - Fire door installation method statement - Pbs nova inside the megastorm - Caltex lubricants product guide - Human Resource Management - Downstream processing of penicillin - Indue limited bank first - Spm blue tree resorts tripadvisor - Physician-Assisted Suicide - St augustines st helens - Are safety switches compulsory in victoria rental properties - Journal Entry - Nutrition - Bristol spline set screws - Calculate the number of electrons - Oecologia abbreviation - Science - Bias ply tires wiki - Nursing discussion - News article - What is the nature of related literature and studies - General motion examples in sport - Jekyll quotes and analysis - The rapture of canaan sparknotes - Award maps university of northampton - Research Paper Report - The fashion shoe company operates a chain of women's - Deliverable 7 - Leading Change Strategic Plan - Coca cola vision mission values - Discussion Help - The case study how bmw dealt with exchange rate risk - Hfma point of service collections benchmark - 2 coments each one 150 words (CITATION AND REFERENCE) - Research07 - WRK 100- WEEK 11-OPEN DISCUSSION - St chads court birmingham - Who sang 99 luftballons - Usa today innovation and evolution in a troubled industry - Prime numbers up to 70 - Emitter coupled differential amplifier - Det mandatory reporting module - Child observation notes - Project - Mcgraw hill marketing simulation answers - Predicate meaning in arabic - Www bizstats com corporation industry financials - Website content brief template - Stephen harris moray and agnew - Virus explorer hhmi answer key - Motel 6 radio commercial 2016 - Pasco electric field mapping lab - Thomas clarkson academy staff list - Under armour opportunities and threats - CET Discussion 1 & 2 No Plagiarism - Homage to my hips meaning - Financial accounting craig deegan - Lifelong Learning Assignment - 10 more than twice a number - Macbeth act 2 scene 2 - Jbf global pte ltd - Master of counselling and psychotherapy ecu - Ato occupation codes 2021 - Timemapper entry 1 on Battle of Boyne (1690) williamites v Jacobites in Dublin - Least common multiple of 5 8 and 12 - Journal Week 7 - Blockchain Security - Abercrombie and fitch business strategy - Einhard life of charlemagne pdf - API TEST STRIP ASSIGNMENT - Organization Plan - Metal oxide varistor application - 300 word discussion post - 4 wheel steering system - Seven domains of a typical it infrastructure - Examples of exemplars in forensic science - An aging of a company's accounts receivable - Error guessing is best used - Amicable grant primary sources - Gurley al ufo - Discussion: Politics and the Patient Protection and Affordable Care Act - Access - Epq gantt chart template - Family Interview - Ac current amplifier circuit - Co2 is ir active or inactive - Round 2617 to the nearest ten - Domestic notice to statistically close case - Ansoff matrix harvard business review - Alison games atlantic history - Discussion week1 - Disability liaison unit monash - 12 week powerlifting program pdf - How to dichotomize variables in spss