Can Someone please help me with my one month project. I am having a hard time. I just need help with the w-3,w-2s.941,940
12:40 . LTE Aa ) Q n 234 Payroll Accounting Chapter 8: Comprehensive Projects-QuickBooks Versions In order to complete the exercises in this chapter, you must use QuickBooks Pro 2018. To activate a 140-day trial of the software that will allow you to work with sample company files, see the instructions on the inside front cover of this book or on the documentation provided to you when you purchased your ebook. One-Month Project NOTE! Templates needed to complete these exercises are included in the Student Exercise Files download for this course. Within that download you'll also find the "Using QuickBooks for Payroll" file. Be sure to review that file and complete the instructions prior to beginning this project. Ellipses Corp. is a small business that operates in Herndon, VA. The company is located at 10 Period Lane, Herndon, VA 20170. Its federal identification number is 77-7777777, its state identification number is 12-345678999F-012, its state unemployment number is 1234567890, and its president, who signs all tax forms, is John Parker (telephone #571-555-0073). The company does not wish to name a third-party designee on forms. Within QuickBooks the industry associated with the company is General Business Service and the business type is Corporation. Ellipses Corp. is on a weekly payroll schedule. During 2018 four individuals are employed by Ellipses Corp. These employees are as follows. Social Federal W/H State W/H Marital Name Address Security # Allowances Allowances Status Hunter Cranston 85 Southern Road 111-11-1111 2 2 Married Herndon, VA 20170 Allison Harrison 203A Pine Court 777-77-7777 4 3 Married Herndon, VA 20170 John Parker 212 Tradition Lane 444-44-4444 1 Single Herndon, VA 20170 Pierre Sternberg 41 Seward Boulevard 333-33-3333 2 2 Married Herndon, VA 20170 Note that Pierre Sternberg was hired in November, and his first day of work was Monday, November 19, 2018. Additionally, due to an economic downturn, Allison Harrison was laid off in mid-December, with her last day of work on Friday, December 21. All employees of Ellipses Corp. work a regular 40-hour workweek (thus all hours worked over 40 in a given week are overtime hours), receive overtime pay at a rate of 1.5 times the regular wage rate, and are paid weekly on Monday for the previous week (which runs from Saturday through Friday, although employees never work on weekends). The SUTA tax rate applicable to Ellipses Corp. is 2.53%, while the SUTA wage base in Virginia is $8,000. Note that QuickBooks defaults to a Social Security wage base of $127,200 in the Ellipses Corp. company file. Although this amount differs from the 2018 wage base, please utilize this amount when completing the payroll cycle. 234 E Reader Contents Notebook Bookmarks FlashcardsOne-Month Project 235 Earnings and voluntary deduction information for each of the four employees is as follows. Regular Annual Weekly 401(k) Weekly Charitable Name Wage Rate Salary Deduction Contribution Hunter Cranston $18/hour N/A 6% of gross pay $5 Allison Harrison $24/hour N/A 5% of gross pay $5 John Parker N/A $205,400 N/A $25 Pierre Sternberg N/A $111,800 10% of gross pay N/A The first 11 months of the year have passed, and all payroll-related activity has been properly accounted for as of 11/30/2018. Note that retirement deductions are made in association with the Williams Insurance Agency. Payroll data for each of the four employees for the first three quarters of the year, as well as for the months of October and November, is as follows. Hunter Cranston Gross Federal State Social Medicare 401(k) Charitable Period Earnings Income Tax Income Tax Security Tax Tax Deduction cont. 1st quarter $9,360 $455 $439.92 $580.32 $135.72 $561.60 $65 2nd quarter $9,360 $455 $439.92 $580.32 $135.72 $561.60 $65 3rd quarter $9,360 $455 $439.92 $580.32 $135.72 $561.60 $65 October $3,600 $175 $169.20 $223.20 $52.20 $216 $25 November $3, 123 $128 $146.78 $193.63 $45.28 $187.38 $20 Allison Harrison Gross Federal State Social Medicare 401(k) Charitable Period Earnings Income Tax Income Tax Security Tax Tax Deduction Cont. 1st quarter $12,480 $624 $592.80 $773.76 $180.96 $624 $65 2nd quarter $12,480 $624 $592.80 $773.76 $180.96 $624 $65 3rd quarter $12,480 $624 $592.80 $773.76 $ 180.96 $624 $65 October $4,800 $240 $228 $297.60 $69.60 $24 $25 November $4, 164 $163 $197.79 $258.17 $60.38 $208.20 $20 John Parker Gross Federal State Social Medicare 401(k) Charitable Period Earnings Income Tax Income Tax Security Tax Tax Deduction Cont. 1st quarter $51,350 $12,308.57 $2,567.50 $3, 183.70 $744.58 $0 325 2nd quarter $51,350 $12,308.57 $2,567.50 $3, 183.70 $744.58 $0 $325 3rd quarter $51,350 $12,308.57 $2,567.50 $1,519 $744.58 $0 $325 October $19,750 $4,734.24 $987.50 $0 $286.38 $0 $125 November $15,800 $3,787.24 $790 $0 $229.10 $0 $100236 PayrollAccounting Chapter8:Cornprehensive ProjectsQuickBooksversions Pierre Sternberg Gross Federal State Social Medicare 401(k) Charitable Period Earnings Income Tax Income Tax Security Tax Tax Deduction Cont. 1st quarter SO $0 $0 $0 $0 $0 $0 2nd quarter $0 $0 $0 $0 $0 $0 50 3rd quarter so 50 50 $0 $0 $0 50 October 50 $0 $0 $0 $0 $0 50 November $2,150 $185.53 $96.75 $133.39 $31.18 $215 $0 Note that all tax payments and lings are made on the due date and that the company is a monthly depositor, Based on the data providec here, you will complete the to owing: 1. Within Quicerooks, process payroll for December for each of the four employees. When calculating federal income tax withholding, use the withholding tables where possible, and refer to the percentage method only when necessary. Additionally, for simplicity, calculate the state income tax withholding as 5% of each employee's taxable pay (which is the same as taxable pay for FWT). Recall that state income tax withholding would ordinarily be calculated using the applicable state's Withholding tables. Note that as of December 8, Hunter Cranston requests that his federal withholding allowances increase from two to three. (Ellipses Corp, makes this Change.) Payroll checks are remitted to the employees in the same order (Cranston, Harrison, Parker, Sternberg) each pay period and are written from a bank account that is used solely for these payments. The dates for the rst pay period you enter may need to be changed. This bank account has been established within QuickBooks to reect a balance of $500,000 as of January 1, 2018. The rst payroll check written in December is check #735. Employees may be subject to Additional Medicare Tax. Watch cumulative pay and calculate when applicable. This is necessary because you do not have a purchased payroll subscription. Note that all charitable contributions are remitted to the organizations on the nal day of each month. The following information will be required for the processing of payroll for the two employees who are compensated with an hourly wage. Weekly Hours Worked Weekly Start Date Hunter Cranston Allison Harrison Decefnber 5 December 15 38 36 December 22 WARNING! The above dates are weekly start dates, Refer to a calendar to determine the weekly end dates and associated pay dates. Dates in Quickaooks may not be correct for the first pay period you are entering. Check them and make changes accordingly, Keep in mind that tax liability and payment amounts are determined based on the weekly pay dates. Three-Month Project 237 2. Within QuickBooks, create a Payroll Report that summarizes December payroll data (in the same manner that a payroll register summarizes such data). Export the report to Microsoft Excel. 3. Within Quichooks, create a Payroll Report that summarizes 4th quarter (OctoberDecember) payroll data. Export the report to Microsoft Excel. Then complete Form 941 for the 4th quarter. Note that based on the lookback period, the company is a monthly depositor that made timely payments throughout the entire year. Although Virginia quarterly state payroll forms are also led by Ellipses Corp, you will not complete these. 4. Within QuickBooks, create a Payroll Report that summarizes payroll data for the entire year. Export the report to Microsoft Excel. Then complete Form 940 for Ellipses Corp. Note that 401(k) deductions are taxable for FUTA and that FUTA payments are made only when required 6.9., if the employer is permitted to postpone the payment of these taxes, it will do so until a point in time when payment must be remitted). 5. Calculate total SUTA tax owed by the employer. Although Ellipses Corp. will le state forms in which this gure is reported, you are required to calculate only the total amount owed for the year and provide it to your instructor via a Microsoft Excel le. 6. Based on the QuickBooks reports previously generated, complete Copy A of Form W2 for each of the four employees. State wages were the same as federal wages subject to federal withholding tax for each of the four employees, and the state identication number for Ellipses Corp. was given at the beginning of the project. 7. Based on the QuickBooks reports previously generated, complete Form W3 for Ellipses Corp. Note that the company les the paper version of the form and selects "None apply\" in the Kind of Employer section. Three-Month Project NOTE! Templates needed to complete these exercises are included in the Student Exercise Files download for this course. Within that download you'll also find the "Using QuickBooks for Payroll" file. Be sure to review that file and complete the instructions prior to beginning this project. Ampersand, Inc., is a small business that operates in Somerset, VT. The company is located at 732 Appalachian Nay, Somerset, VT 05363, Its federal identication number is 123456789, its state identication number is WHT999999999, its state unemployment number is 222 2222, and its president, who signs all tax forms, is Stacey Jones (telephone #8025553917). The business does not wish to name a thirdparty designee on forms. Within QuickBooks the industry associated with the company is General Business Service and the business type is Corporation. Ampersand, Inc., is on a weekly payroll schedule. During 2018 four individuals are employed by Ampersand, Inc. These employees are as follows. Social Federal W/H State W/H Marital Name Address Security it Allowances Allowances Status 7 Smith Boulevard 999-99-9999 2 Married Somerset, VT 05363 13 Spruce Street 222- 22- 2222 somerset, VT 05363 William Finnegan Maggie Hough Stacey Jones 8110 Browning Place 555- 55- 5555 Single Somerset, VT 05363 Francine Stewart 101 Park court 888-88-8888 Somerset, VT 05363
