Question
For Part 2 of this project, you will complete payroll for the last month (December) of the fourth quarter (Q4) of 2019, which consists of
For Part 2 of this project, you will complete payroll for the last month (December) of the fourth quarter (Q4) of 2019, which consists of the final pay periods of the year. Then file the annual tax forms for Wayland as well as prepare each employee's Form W-2 in Part 2 on or before the due date 01/15/2020.
The SUTA (UI) rate for Wayland Custom Woodworking is 2.6 percent on the first $35,300. The state withholding rate is 4.95 percent for all income levels, deductions, and marital statuses, a table has been included to assist with calculations of state tax due for employees.
For Part 2 of this project, you will use the fourth quarter payroll information that you calculated in Part 1 to complete the following tax forms for Wayland Custom Woodworking:
U.S. Form 941
U.S. Form 940
Utah Form TC-941
Utah Form 33H
Form W-2s for all 6 employees
Form W-3 for WCW
Elective deferrals including deferrals under a simple retirement account that is part of a section 401(k) arrangement should be reported in Box 12, using code D. Employer amounts for health coverage should be reported as 1.5 times the employee's premium in Box 12, using Code DD.
Specific instructions on how to complete each form can be found within the individual forms themselves. The employee information for Wayland has been presented again below, for convenience.
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: 10/1/2019 | |
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: 10/1/2019 | |
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: 10/1/2019 | |
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: 10/1/2019 | |
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: 10/1/2019 | |
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: 10/1/2019 | |
Job title: Accounting Clerk | SSN: 555-55-5555 | |
Total deposits made for the quarter is $10,875.10. Monthly tax liability:
October | $ | 5,550.41 | |
November | 5,324.69 | ||
December | 2,557.16 | ||
FUTA tax deposited for the year, including any overpayment applied from a prior year is $248.11. If you have submitted Part 1 already, it is recommended that you access your submission while attempting Part 2, as you will need the information from Part 1 in order to complete all applicable tax for
Required:
1. Complete Form 941 for the remittance of quarterly federal taxes.
how I can find wages, tips and federal income tax withheld
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