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 his Utah Employer Account Number is 999-9290-1. Wayland has determined it will pay its employees on a semimonthly basis.Students will complete the payroll for the final quarter of 2015 and will file fourth quarter and annual tax reports on the appropriate dates. When writing out the dollar amount for each check, spell out all words, and the cents are presented over 100, for example, 50 cents would be 50/100.Federal income tax should be computed using the percentage method tables in Appendix C. FUTA information is in the table below. The Utah state income tax rate and the SUTA (UI) rate are in the table below.Rounding can create a challenge. For these exercises, the rate for the individuals is not rounded. So take their salary and divide by 2,080 (52 weeks at 40 hours per week) for full-time, non-exempt employees. For example, 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. Exempt employees' salaries are divided by 24 (number of payrolls for semimonthly.) For example, Chinson’s salary is $24,000, and is a full-time employee, so the calculation will be $24,000/24, which would give you $1,000. After this hourly rate is determined then it can be applied to the number of hours worked. After the gross pay has been calculated, round this number to only two decimal points prior to calculating taxes or other withholdings.For the completion of this project, the following information can be located in Appendix C. Students will use the Percentage method for federal income tax and the tax tables have been provided for Utah. Both 401(k) and insurance are pretax for federal income tax and Utah income tax. Round calculations to get to final tax amounts and 401(k) contributions after calculating gross pay.Federal Withholding Allowance (less 401(k), Section 125)$166.70 per allowance claimed Semimonthly Federal Percentage Method Tax TableAppendix C, Page 293, Table #3 Federal Unemployment Rate (Federal unemployment rate less Section 125 health insurance)0.6% on the first $7,000 of wagesState Withholding Rate (less 401(k), Section 125)See Utah Schedule 3State Unemployment Rate (less Section 125)2.6% on the first $31,300 of wagesWayland Custom WoodworkingBalance sheet9/30/2015AssetsLiabilities & Equity Cash$1,125,000.00Accounts Payable$112,490.00 Supplies27,240.00Salaries and Wages Payable Office Equipment87,250.00Federal Unemployment Tax Payable Inventory123,000.00Social Security Tax Payable Vehicle25,000.00Medicare Tax Payable Accumulated Depreciation, VehicleState Unemployment Tax Payable Building164,000.00Employee Federal Income Tax Payable Accumulated Depreciation, BuildingEmployee State Income Tax Payable Land35,750.00401(k) Contributions PayableEmployee Medical Premiums Payable Total Assets1,587,240.00Notes Payable224,750.00 Utilities PayableTotal Liabilities337,240.00 Owners' Equity1,250,000.00 Retained Earnings- Total Equity1,250,000.00Total Liabilities and Equity1,587,240.00October 1:Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland’s staff: Employee NumberName and AddressPayroll information 00-ChinsAnthony Chinson530 Sylvann AvenueLogan, UT 84321435-555-1212Job title: Account ExecutiveMarried, 1 withholding allowanceExempt$24,000/year commissionStart Date: 10/1/2015SSN: 511-22-3333 00-WaylaMark Wayland1570 Lovett StreetLogan, UT 84321435-555-1110Job title: President/OwnerMarried, 5 withholding allowancesExempt$75,000/yearStart Date: 10/1/2015SSN: 505-33-1775 01-PeppiSylvia Peppinico291 Antioch RoadLogan, UT 84321435-555-2244Job title: CraftsmanMarried, 7 withholding allowancesExempt$43,500/yearStart Date: 10/1/2015SSN: 047-55-9951 01-VardeStevon Varden333 Justin DriveLogan, UT 84321435-555-9981Job title: CraftsmanMarried, 2 withholding allowancesNonexempt$42,000/yearStart Date: 10/1/2015SSN: 022-66-1131 02-HissoLeonard Hissop531 5th StreetLogan, UT 84321435-555-5858Job title: Purchasing/ShippingSingle, 4 withholding allowancesNonexempt$49,500/yearStart Date: 10/1/2015SSN: 311-22-6698 00-StudeStudent F Success480-555-3322Job title: Accounting ClerkSingle, 1 withholding allowanceNonexempt$36,000/yearStart Date: 10/1/2015SSN: 555-55-5555Voluntary deductions for each employee are as follows:Name Deduction ChinsonInsurance: $50/paycheck401(k): 3% of gross pay WaylandInsurance: $75/paycheck401(k): 6% of gross pay PeppinicoInsurance: $75/paycheck401(k): $50 per paycheck VardenInsurance: $50/paycheck401(k): 4% of gross pay HissopInsurance: $75/paycheck401(k): 3% of gross pay StudentInsurance: $50/paycheck401(k): 3% of gross payThe departments are as follows: Department 00: Sales and Administration Department 01: Factory workers Department 02: Delivery and Customer service 1. You have been hired as of October 1 as the new accounting clerk. Your name is Student F. Success and your employee number is 00-STUDE. Your Utah driver's license is 887743 expiring in 7/2018 and social security number is 555-55-5555, and you are non-exempt and paid at a rate of $36,000 per year. Using the information provided, complete the W-4 and the I-9 to start your employee file. Complete as if Single with 1 withholding, you decide to contribute 3% to 401(k) and health insurance is $50 per pay period. 2. Complete the headers of the Employees' Earnings Records for all company employees. Enter the YTD earnings for each employee. November 30 is the end of the final pay period for the month. Employee pay will be disbursed on December 3, 201X. Any hours exceeding 88 are considered overtime. Compute the employee gross pay. Compute the Net Pay for each employee using the payroll register. Once you have computed the net pay, complete the paycheck for each employee (assume that all the employees are paid by check). Date the checks 12/3/1X (current year).The company is closed and pays for the Friday following Thanksgiving. The employees will receive holiday pay for Thanksgiving and the Friday following. For this period, any hours in excess of 88 hours is considered overtime.Complete the General Journal entries as follows:30-Nov Journalize employee pay for the period.30-Nov Journalize employer payroll tax for the November 30 pay date03-Dec Journalize payment of payroll to employees (use one entry for all checks).03-Dec Journalize remittance of 401(k) and health insurance premiums deducted03-Dec Journalize remittance of monthly payroll taxes Update the Employees' Earnings Records for the period’s pay and update the YTD amount. NOTE 1: Do not round intermediate calculations and round hourly rate to 5 decimal places & remaining answers to 2 decimal places. If no entry is required for a transaction/event, select 'No journal entry required' in the first account field. NOTE 2: When writing out the net amount of an employee's check, be sure to write it in the correct format (e.g. Three Hundred Ninety-nine and 75/100). Be sure to capitalize the letters as shown. Enter all dates in mm/dd/yy format where the year is entered as 1X.

Question

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 his Utah Employer Account Number is 999-9290-1. Wayland has determined it will pay its employees on a semimonthly basis.Students will complete the payroll for the final quarter of 2015 and will file fourth quarter and annual tax reports on the appropriate dates. When writing out the dollar amount for each check, spell out all words, and the cents are presented over 100, for example, 50 cents would be 50/100.Federal income tax should be computed using the percentage method tables in Appendix C. FUTA information is in the table below. The Utah state income tax rate and the SUTA (UI) rate are in the table below.Rounding can create a challenge. For these exercises, the rate for the individuals is not rounded. So take their salary and divide by 2,080 (52 weeks at 40 hours per week) for full-time, non-exempt employees. For example, 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. Exempt employees' salaries are divided by 24 (number of payrolls for semimonthly.) For example, Chinson’s salary is $24,000, and is a full-time employee, so the calculation will be $24,000/24, which would give you $1,000. After this hourly rate is determined then it can be applied to the number of hours worked. After the gross pay has been calculated, round this number to only two decimal points prior to calculating taxes or other withholdings.For the completion of this project, the following information can be located in Appendix C. Students will use the Percentage method for federal income tax and the tax tables have been provided for Utah. Both 401(k) and insurance are pretax for federal income tax and Utah income tax. Round calculations to get to final tax amounts and 401(k) contributions after calculating gross pay.Federal Withholding Allowance (less 401(k), Section 125)$166.70 per allowance claimed  Semimonthly Federal Percentage Method Tax TableAppendix C, Page 293, Table #3  Federal Unemployment Rate (Federal unemployment rate less Section 125 health insurance)0.6% on the first $7,000 of wagesState Withholding Rate (less 401(k), Section 125)See Utah Schedule 3State Unemployment Rate (less Section 125)2.6% on the first $31,300 of wagesWayland Custom WoodworkingBalance sheet9/30/2015AssetsLiabilities & Equity  Cash$1,125,000.00Accounts Payable$112,490.00    Supplies27,240.00Salaries and Wages Payable  Office Equipment87,250.00Federal Unemployment Tax Payable  Inventory123,000.00Social Security Tax Payable  Vehicle25,000.00Medicare Tax Payable  Accumulated Depreciation, VehicleState Unemployment Tax Payable  Building164,000.00Employee Federal Income Tax Payable  Accumulated Depreciation, BuildingEmployee State Income Tax Payable  Land35,750.00401(k) Contributions PayableEmployee Medical Premiums Payable  Total Assets1,587,240.00Notes Payable224,750.00  Utilities PayableTotal Liabilities337,240.00  Owners' Equity1,250,000.00  Retained Earnings-  Total Equity1,250,000.00Total Liabilities and Equity1,587,240.00October 1:Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland’s staff:  Employee NumberName and AddressPayroll information  00-ChinsAnthony Chinson530 Sylvann AvenueLogan, UT 84321435-555-1212Job title: Account ExecutiveMarried, 1 withholding allowanceExempt$24,000/year   commissionStart Date: 10/1/2015SSN: 511-22-3333  00-WaylaMark Wayland1570 Lovett StreetLogan, UT 84321435-555-1110Job title: President/OwnerMarried, 5 withholding allowancesExempt$75,000/yearStart Date: 10/1/2015SSN: 505-33-1775  01-PeppiSylvia Peppinico291 Antioch RoadLogan, UT 84321435-555-2244Job title: CraftsmanMarried, 7 withholding allowancesExempt$43,500/yearStart Date: 10/1/2015SSN: 047-55-9951  01-VardeStevon Varden333 Justin DriveLogan, UT 84321435-555-9981Job title: CraftsmanMarried, 2 withholding allowancesNonexempt$42,000/yearStart Date: 10/1/2015SSN: 022-66-1131  02-HissoLeonard Hissop531 5th StreetLogan, UT 84321435-555-5858Job title: Purchasing/ShippingSingle, 4 withholding allowancesNonexempt$49,500/yearStart Date: 10/1/2015SSN: 311-22-6698  00-StudeStudent F Success480-555-3322Job title: Accounting ClerkSingle, 1 withholding allowanceNonexempt$36,000/yearStart Date: 10/1/2015SSN: 555-55-5555Voluntary deductions for each employee are as follows:Name           Deduction           ChinsonInsurance: $50/paycheck401(k): 3% of gross pay  WaylandInsurance: $75/paycheck401(k): 6% of gross pay  PeppinicoInsurance: $75/paycheck401(k): $50 per paycheck  VardenInsurance: $50/paycheck401(k): 4% of gross pay  HissopInsurance: $75/paycheck401(k): 3% of gross pay  StudentInsurance: $50/paycheck401(k): 3% of gross payThe departments are as follows:       Department 00: Sales and Administration       Department 01: Factory workers        Department 02: Delivery and Customer service  1. You have been hired as of October 1 as the new accounting clerk. Your name is Student F. Success and your employee number is 00-STUDE. Your Utah driver's license is 887743 expiring in 7/2018 and social security number is 555-55-5555, and you are non-exempt and paid at a rate of $36,000 per year. Using the information provided, complete the W-4 and the I-9 to start your employee file. Complete as if Single with 1 withholding, you decide to contribute 3% to 401(k) and health insurance is $50 per pay period.  2. Complete the headers of the Employees' Earnings Records for all company employees. Enter the YTD earnings for each employee.   November 30 is the end of the final pay period for the month. Employee pay will be disbursed on December 3, 201X. Any hours exceeding 88 are considered overtime. Compute the employee gross pay. Compute the Net Pay for each employee using the payroll register. Once you have computed the net pay, complete the paycheck for each employee (assume that all the employees are paid by check). Date the checks 12/3/1X (current year).The company is closed and pays for the Friday following Thanksgiving. The employees will receive holiday pay for Thanksgiving and the Friday following. For this period, any hours in excess of 88 hours is considered overtime.Complete the General Journal entries as follows:30-Nov Journalize employee pay for the period.30-Nov Journalize employer payroll tax for the November 30 pay date03-Dec Journalize payment of payroll to employees (use one entry for all checks).03-Dec Journalize remittance of 401(k) and health insurance premiums deducted03-Dec Journalize remittance of monthly payroll taxes Update the Employees' Earnings Records for the period’s pay and update the YTD amount. NOTE 1: Do not round intermediate calculations and round hourly rate to 5 decimal places & remaining answers to 2 decimal places. If no entry is required for a transaction/event, select 'No journal entry required' in the first account field.  NOTE 2: When writing out the net amount of an employee's check, be sure to write it in the correct format (e.g. Three Hundred Ninety-nine and 75/100). Be sure to capitalize the letters as shown. Enter all dates in mm/dd/yy format where the year is entered as 1X.     ￼ ￼ ￼ ￼ ￼ ￼ ￼ ￼ ￼ ￼ ￼

R Jeet Rav · Accepted Answer

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 his Utah Employer Account Number is 999-9290-1. Wayland has determined it will pay its employees on a semimonthly basis.Students will complete the payroll for the final quarter of 2015 and will file fourth quarter and annual tax reports on the appropriate dates. When writing out the dollar amount for each check, spell out all words, and the cents are presented over 100, for example, 50 cents would be 50/100.Federal income tax should be computed using the percentage method tables in Appendix C. FUTA information is in the table below. The Utah state income tax rate and the SUTA (UI) rate are in the table below.Rounding can create a challenge. For these exercises, the rate for the individuals is not rounded. So take their salary and divide by 2,080 (52 weeks at 40 hours per week) for full-time, non-exempt employees. For example, 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. Exempt employees' salaries are divided by 24 (number of payrolls for semimonthly.) For example, Chinson’s salary is $24,000, and is a full-time employee, so the calculation will be $24,000/24, which would give you $1,000. After this hourly rate is determined then it can be applied to the number of hours worked. After the gross pay has been calculated, round this number to only two decimal points prior to calculating taxes or other withholdings.For the completion of this project, the following information can be located in Appendix C. Students will use the Percentage method for federal income tax and the tax tables have been provided for Utah. Both 401(k) and insurance are pretax for federal income tax and Utah income tax. Round calculations to get to final tax amounts and 401(k) contributions after calculating gross pay.Federal Withholding Allowance (less 401(k), Section 125)$166.70 per allowance claimed  Semimonthly Federal Percentage Method Tax TableAppendix C, Page 293, Table #3  Federal Unemployment Rate (Federal unemployment rate less Section 125 health insurance)0.6% on the first $7,000 of wagesState Withholding Rate (less 401(k), Section 125)See Utah Schedule 3State Unemployment Rate (less Section 125)2.6% on the first $31,300 of wagesWayland Custom WoodworkingBalance sheet9/30/2015AssetsLiabilities & Equity  Cash$1,125,000.00Accounts Payable$112,490.00    Supplies27,240.00Salaries and Wages Payable  Office Equipment87,250.00Federal Unemployment Tax Payable  Inventory123,000.00Social Security Tax Payable  Vehicle25,000.00Medicare Tax Payable  Accumulated Depreciation, VehicleState Unemployment Tax Payable  Building164,000.00Employee Federal Income Tax Payable  Accumulated Depreciation, BuildingEmployee State Income Tax Payable  Land35,750.00401(k) Contributions PayableEmployee Medical Premiums Payable  Total Assets1,587,240.00Notes Payable224,750.00  Utilities PayableTotal Liabilities337,240.00  Owners' Equity1,250,000.00  Retained Earnings-  Total Equity1,250,000.00Total Liabilities and Equity1,587,240.00October 1:Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland’s staff:  Employee NumberName and AddressPayroll information  00-ChinsAnthony Chinson530 Sylvann AvenueLogan, UT 84321435-555-1212Job title: Account ExecutiveMarried, 1 withholding allowanceExempt$24,000/year   commissionStart Date: 10/1/2015SSN: 511-22-3333  00-WaylaMark Wayland1570 Lovett StreetLogan, UT 84321435-555-1110Job title: President/OwnerMarried, 5 withholding allowancesExempt$75,000/yearStart Date: 10/1/2015SSN: 505-33-1775  01-PeppiSylvia Peppinico291 Antioch RoadLogan, UT 84321435-555-2244Job title: CraftsmanMarried, 7 withholding allowancesExempt$43,500/yearStart Date: 10/1/2015SSN: 047-55-9951  01-VardeStevon Varden333 Justin DriveLogan, UT 84321435-555-9981Job title: CraftsmanMarried, 2 withholding allowancesNonexempt$42,000/yearStart Date: 10/1/2015SSN: 022-66-1131  02-HissoLeonard Hissop531 5th StreetLogan, UT 84321435-555-5858Job title: Purchasing/ShippingSingle, 4 withholding allowancesNonexempt$49,500/yearStart Date: 10/1/2015SSN: 311-22-6698  00-StudeStudent F Success480-555-3322Job title: Accounting ClerkSingle, 1 withholding allowanceNonexempt$36,000/yearStart Date: 10/1/2015SSN: 555-55-5555Voluntary deductions for each employee are as follows:Name           Deduction           ChinsonInsurance: $50/paycheck401(k): 3% of gross pay  WaylandInsurance: $75/paycheck401(k): 6% of gross pay  PeppinicoInsurance: $75/paycheck401(k): $50 per paycheck  VardenInsurance: $50/paycheck401(k): 4% of gross pay  HissopInsurance: $75/paycheck401(k): 3% of gross pay  StudentInsurance: $50/paycheck401(k): 3% of gross payThe departments are as follows:       Department 00: Sales and Administration       Department 01: Factory workers        Department 02: Delivery and Customer service  1. You have been hired as of October 1 as the new accounting clerk. Your name is Student F. Success and your employee number is 00-STUDE. Your Utah driver's license is 887743 expiring in 7/2018 and social security number is 555-55-5555, and you are non-exempt and paid at a rate of $36,000 per year. Using the information provided, complete the W-4 and the I-9 to start your employee file. Complete as if Single with 1 withholding, you decide to contribute 3% to 401(k) and health insurance is $50 per pay period.  2. Complete the headers of the Employees' Earnings Records for all company employees. Enter the YTD earnings for each employee.   November 30 is the end of the final pay period for the month. Employee pay will be disbursed on December 3, 201X. Any hours exceeding 88 are considered overtime. Compute the employee gross pay. Compute the Net Pay for each employee using the payroll register. Once you have computed the net pay, complete the paycheck for each employee (assume that all the employees are paid by check). Date the checks 12/3/1X (current year).The company is closed and pays for the Friday following Thanksgiving. The employees will receive holiday pay for Thanksgiving and the Friday following. For this period, any hours in excess of 88 hours is considered overtime.Complete the General Journal entries as follows:30-Nov Journalize employee pay for the period.30-Nov Journalize employer payroll tax for the November 30 pay date03-Dec Journalize payment of payroll to employees (use one entry for all checks).03-Dec Journalize remittance of 401(k) and health insurance premiums deducted03-Dec Journalize remittance of monthly payroll taxes Update the Employees' Earnings Records for the period’s pay and update the YTD amount. NOTE 1: Do not round intermediate calculations and round hourly rate to 5 decimal places & remaining answers to 2 decimal places. If no entry is required for a transaction/event, select 'No journal entry required' in the first account field.  NOTE 2: When writing out the net amount of an employee's check, be sure to write it in the correct format (e.g. Three Hundred Ninety-nine and 75/100). Be sure to capitalize the letters as shown. Enter all dates in mm/dd/yy format where the year is entered as 1X.     ￼ ￼ ￼ ￼ ￼ ￼ ￼ ￼ ￼ ￼ ￼

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