Question
Employees are paid for the following holidays occurring during the final quarter: Thanksgiving day and the day after, Thursday and Friday November 22-23. Christmas, which
Employees are paid for the following holidays occurring during the final quarter:
- Thanksgiving day and the day after, Thursday and Friday November 22-23.
- Christmas, which is a Tuesday. Employees receive holiday pay for Monday, December 24, and Tuesday, December 25.
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) | $172.90 per allowance claimed |
| Federal Unemployment Rate (employer only) (less Section 125) | 0.6% on the first $7,000 of wages |
| Semimonthly Federal Percentage Method Tax Table | Appendix C Page 393 Table #3 |
| State Unemployment Rate (employer only) (less Section 125) | 2.6% on the first $34,300 of wages |
| State Withholding Rate (less 401(k), Section 125) | See Utah Schedule 3, Table 1 or use the Excel Version of Schedule 3 |
October 1:
Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Waylands 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: 10/1/2018 | |
| 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: 10/1/2018 | |
| 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: 10/1/2018 | |
| 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: 10/1/2018 | |
| 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: 10/1/2018 | |
| Job title: Purchasing/Shipping | SSN: 311-22-6698 | |
| 00-Succe | Student Success | Single, 1 withholding allowance |
| 1650 South Street | Nonexempt | |
| Logan, UT 84321 | $36,000/year | |
| 435-556-1211 | Start Date: 10/1/2018 | |
| Job title: Accounting Clerk | SSN: 555-55-5555 | |
each employee have been given from the prior period. (Round your answers to 2 decimals.)
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Financial Accounting International Edition
Authors: Jeffrey Waybright, Robert Kemp
1st Edition
0137067798, 978-0137067794
