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228 Payroll Accounting Chapter 7: Comprehensive Projects-Paper-Based Versions Medicare 401(k) Charitable Pierre Sternberg Social Deduction cont State Security Tax Tax Gross Federal Income Tax SO Earnings Income Tax SO Period SO SO SO SO SO 1st quarter SO SO SO SO SO SO SO 2nd quarter SO SO SO SO SO 3rd quarter SO $0 SO $21.54 SO october $31.23 $106.62 $133.54 November $2, 153.85 $224.36 Note that all tax payments and filings are made on the due date. Based on the data provided here, you will complete the following: 1. Establish an employee earnings record for each of the company's four employees. Complete the top portion of each record. 2. Establish and complete the payroll register for each weekly pay period during December. When calculating federal income tax withholding, use the withholding tables where possible, and refer to the percentage method only when necessary. Note that as of December 7, Hunter Cranston requests that his federal withholding allowances increase from two to three (Ellipses Corp. makes this change). 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. 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 first payroll check written in December is check #762. Note that all charitable contributions are deemed to be made on the final day of each pay period. The following information will be required for the completion of these records for the two employees who are compensated via an hourly wage: Weekly Hours Worked Weekly Start Date Hunter Cranston Allison Harrison November 30 40 37 December 7 38 41 December 14 43.5 0 December 21 40 WARNING! The above dates are weekly start dates. Refer to a calendar to determine the weekly end dates and associated pay dates. Keep in mind that tax liability and payment amounts are determined based on the weekly pay dates. 3. Complete the employee earnings records for December for each of the four employees. Divide the voluntary deductions from the payroll register appropriately across the associated columns within the employee earnings records. If directed to do so by your instructor, record the necessary journal entries for each pay period.Three-Month Project 229 Complete Form 941 for the 4th quarter. Note that based on the lookback period, the company is a monthly Corsitor. Assume that all necessary deposits were made on a timely basis and that the employer made deficits equal to the total amount owed for the quarter. Although Virginia quarterly state payroll forms are do filed by Ellipses Corp., you will not complete these. If directed to do so by your instructor, record the adversary journal entries associated with Form 941 (including those required for any tax payments made). NOTE! Recall from the Form 941 Rounding Considerations section that quarter- and year-end tax figures should not be calculated based on the total taxable earnings for the respective quarter or year. Instead, to avoid rounding discrepancies, tax figures within Part 2 of Form 941 should be determined for each employee by adding the individual taxes across each pay period. Complete Form 940 for Ellipses Corp. Note that FUTA payments are made only when required (i.e., 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). If directed to do so by your instructor, record the necessary journal entry associated with Form 940. 6. Calculate total SUTA tax owed by the employer. Although Ellipses Corp. will file state forms in which this figure is reported, you are required to calculate only the total amount owed for the year. 7. Complete Copy A of Form W-2 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 identification number for Ellipses Corp. is the same as its federal Employer Identification Number. 8. Complete Form W-3 for Ellipses Corp. Note that the company files the paper version of the form and select "None apply" in the Kind of Employer section. Three-Month Project NOTE! Templates needed to complete these exercises, including one containing year-to-date payroll da are included in the Student Exercise Files download for this course. Ampersand, Inc., is a small business that operates in Somerset, VT. The company is located at 732 Appala Way, Somerset, VT 05363. Its federal Employer Identification Number is 44-4444444, and its president, Phie all tax forms, is Stacey Jones (telephone #802-555-3917). The company does not wish to name a t employees are as follows