2 Part 2 of 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 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 (Decemben of the fourth quarter (04) of 2021, which consists of the final pay periods of the year. Once payroll has been completed for the fourth quarter, you will then fide 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 2010 (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 40) - $62.000/2.080 Hourly rate = $29.80769 per hour Example: Perlod Gross Pay, Salaried Employee Employee Chinson earns an annual salary of $48,000 and is paid semimonthly Perlod 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) = 548,000/260 - 5184 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 ICER Rath CLITA CHITARA 2 t 2 of 2 For the completion of this project, refer to the tax-related information in the table below. Employees 401) and insurance are pre-tax for federal income tax The SUTA (Unrate 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 15 15 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 W4 from 2021 or later Assume, a W-45 are received in 2021 and the Step 2 of Form W-4 is not checked Federal Unemployment rate employer only) (less Section 125) 0.68 on the first $7,000 of wages Seninonthly Federal Percentage Method for Manual Payrolls with Forms W-4 from 2020 or later Tax Table Bendix State Unemployment Rate employer only) less Section 125) 3.25t on the first $33,400 of wages Nevada Career Enhancement Progran employer only) (less Section 125) o.est on the first 133,400 of wages October 1: Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland's staff Employee Number e-Chains 00-Wayla 01. Peppi Nane 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 775-555-9901 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, N 8941) 775-556-1211 Job title: Accounting Clerk Payroll information Married/Joint; 24 17 Exempt $40,000/year. comission Start Date: 10/1/2021 SSN: 511-22-3333 Married/Joint; } View the bar in the table EEN mere SEN ALAM Cameroon www. 2001 Dep W O TIC Ch ME SP L MUR ME . na www SOS tai wy We BBB 30 8001 200 CY GEN Onsber Osteoretinapay north Eyes yeste o ovo 4 2025 Com proyee beow Up the mong Hecome per pondo Ascend cadas 2 Cheb Twitter FEMININO 1 1 ST CA w 1 1 w 5 3 DYD Ta VG RA . . ou DEYE October 31 Obudowy do they were yeye ne condotta genooter WER This the ed he TUR Ww 3 1 4 GT M TO HE INCANDO Define the coopy Duty odge 2 Cate the man with the www wy They word oor You The Ad ELLA De 5 w WA re NO OT Sachs - KA 09 DVD Vio T Ww NO CI Cow Obert O mentre ned for the month Day on how to mote Doy bowery Records endron gay pened were forced Com the moyee Grey am from the "Par ht LOVE LINE LIHAN Base . oth IN Taw YO YOU 00 200 { October 31 dicendo com Becom.co NOLA Ce Pays - 1 the way to let H || !! tie 04 2 Came they were the DE ter 15 say perhe the formed the other IMPLOTTELINGE OOND BERG HAND OT w VA Mine w - 001 Tech M S Tax YOU cole . 3 1 H 100 1000 9.00 0.00 Credit Obr 31 Obid Day for the month paydo Con colore below they areng Records for YTD TO ng his paper condered in format mensen met een player 2 Cipete the winter ww - w the the Pro met ROVEC che 11 ta W TO 0.00 Ta W WS TO 1 1 1 M ER Germa October 31 Dober the end of the pay pened for the more pe web & Co way. Updates former You Onge periode condo for oployees meer Complete the Employee Oro Pay Coor Come ones for the October 15 procent required for transaction ortant their countfield and your intermediate computations and foals to deal places) Wear Journal entry worksheet 2 5 > Record the entry for me semmonthly payroll expenses for the period ending in deber 15 Net General Journal Detet Crede De Octs Recy Caa Vw general Success EERF General Ledger > View frist Journal entry worksheet Comitetul tresor the actober 1 procent regar a transaction or required in the first account field Round your armediate computation and final antwers to 2 decimal places Vwws Journal entry worksheet Record the entry for pemerlot semimonthly employee wages for the period ending on October 15 General Journal Debut Credit Odober 19 Record Clear entry View general al Complete the singing in the low. Pem w the contenido General other womerom the word enco flewing the death met de NEC D Bebe Ah th Dewal Can AM De De C Now Del De Acco 22 OD CE Malene ADN Pays Accettore Dale 2 Part 2 of 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 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 (Decemben of the fourth quarter (04) of 2021, which consists of the final pay periods of the year. Once payroll has been completed for the fourth quarter, you will then fide 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 2010 (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 40) - $62.000/2.080 Hourly rate = $29.80769 per hour Example: Perlod Gross Pay, Salaried Employee Employee Chinson earns an annual salary of $48,000 and is paid semimonthly Perlod 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) = 548,000/260 - 5184 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 ICER Rath CLITA CHITARA 2 t 2 of 2 For the completion of this project, refer to the tax-related information in the table below. Employees 401) and insurance are pre-tax for federal income tax The SUTA (Unrate 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 15 15 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 W4 from 2021 or later Assume, a W-45 are received in 2021 and the Step 2 of Form W-4 is not checked Federal Unemployment rate employer only) (less Section 125) 0.68 on the first $7,000 of wages Seninonthly Federal Percentage Method for Manual Payrolls with Forms W-4 from 2020 or later Tax Table Bendix State Unemployment Rate employer only) less Section 125) 3.25t on the first $33,400 of wages Nevada Career Enhancement Progran employer only) (less Section 125) o.est on the first 133,400 of wages October 1: Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland's staff Employee Number e-Chains 00-Wayla 01. Peppi Nane 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 775-555-9901 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, N 8941) 775-556-1211 Job title: Accounting Clerk Payroll information Married/Joint; 24 17 Exempt $40,000/year. comission Start Date: 10/1/2021 SSN: 511-22-3333 Married/Joint; } View the bar in the table EEN mere SEN ALAM Cameroon www. 2001 Dep W O TIC Ch ME SP L MUR ME . na www SOS tai wy We BBB 30 8001 200 CY GEN Onsber Osteoretinapay north Eyes yeste o ovo 4 2025 Com proyee beow Up the mong Hecome per pondo Ascend cadas 2 Cheb Twitter FEMININO 1 1 ST CA w 1 1 w 5 3 DYD Ta VG RA . . ou DEYE October 31 Obudowy do they were yeye ne condotta genooter WER This the ed he TUR Ww 3 1 4 GT M TO HE INCANDO Define the coopy Duty odge 2 Cate the man with the www wy They word oor You The Ad ELLA De 5 w WA re NO OT Sachs - KA 09 DVD Vio T Ww NO CI Cow Obert O mentre ned for the month Day on how to mote Doy bowery Records endron gay pened were forced Com the moyee Grey am from the "Par ht LOVE LINE LIHAN Base . oth IN Taw YO YOU 00 200 { October 31 dicendo com Becom.co NOLA Ce Pays - 1 the way to let H || !! tie 04 2 Came they were the DE ter 15 say perhe the formed the other IMPLOTTELINGE OOND BERG HAND OT w VA Mine w - 001 Tech M S Tax YOU cole . 3 1 H 100 1000 9.00 0.00 Credit Obr 31 Obid Day for the month paydo Con colore below they areng Records for YTD TO ng his paper condered in format mensen met een player 2 Cipete the winter ww - w the the Pro met ROVEC che 11 ta W TO 0.00 Ta W WS TO 1 1 1 M ER Germa October 31 Dober the end of the pay pened for the more pe web & Co way. Updates former You Onge periode condo for oployees meer Complete the Employee Oro Pay Coor Come ones for the October 15 procent required for transaction ortant their countfield and your intermediate computations and foals to deal places) Wear Journal entry worksheet 2 5 > Record the entry for me semmonthly payroll expenses for the period ending in deber 15 Net General Journal Detet Crede De Octs Recy Caa Vw general Success EERF General Ledger > View frist Journal entry worksheet Comitetul tresor the actober 1 procent regar a transaction or required in the first account field Round your armediate computation and final antwers to 2 decimal places Vwws Journal entry worksheet Record the entry for pemerlot semimonthly employee wages for the period ending on October 15 General Journal Debut Credit Odober 19 Record Clear entry View general al Complete the singing in the low. Pem w the contenido General other womerom the word enco flewing the death met de NEC D Bebe Ah th Dewal Can AM De De C Now Del De Acco 22 OD CE Malene ADN Pays Accettore Dale