Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Having trouble calulating the federal W/H amounts below. For the completion of this project, refer to the tax-related information in the table below. Employees' 401(k)
Having trouble calulating the federal W/H amounts below.
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 $32,500. 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. Employer contribution of section 125 is 1.5 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 W-4 from 2020 or later. Assume, all W-4s are received in 2020 and the Step 2 of Form W-4 is not checked. Federal Unemployment Rate (employer only) (less Section 125) Semimonthly Federal Percentage Method for Manual Payrolls Tax Table State Unemployment Rate (employer only) (less Section 125) Nevada Career Enhancement Program (employer only) (less Section 125) 0.6% on the first $7,000 of wages Appendix c 3.25% on the first $32,500 of wages 0.05% on the first $32,500 of wages 2020 Percentage Method Tables for Manual Payro SEMIMONTHLY STANDARD Withholding Rate Schedules (Use these if the box in Step 2 of Form W-4 is NOT checked) If the Adjusted Wage of the Amount (line 1h) is: The amount that tentative the Adjusted But less amount to Plus this Wage At least- than- withhold is: percentage- exceeds B D E Married Filing Jointly SO $1,033 $0.00 0% so $1,033 $1,856 $0.00 10% $1,033 $1,856 $4.377 $82.30 12% $1,856 $4,377 $8.160 $384.82 22% $4,377 $8.160 $14,642 $1,217.08 24% $8,160 $14,642 $18,313 $2,772.76 32% $14,642 $18,313 $26.952 $3,947.48 35% $18,313 $26.952 $6,971.13 37% $26,952 Single or Married Filing Separately $0 $517 $0.00 0% $0 $517 $928 $0.00 10% $517 $928 $2.189 $41.10 12% $928 $2.189 $4,080 $192.42 22% $2,189 $4,080 $7,321 $608.44 24% $4.080 $7,321 $9,156 $1,386.28 32% $7.321 $9,156 $22,117 $1,973.48 35% $9,156 $22.117 $6,509.83 37% $22.117 $0 $777 $777 $1,365 $1,365 $3,015 $3.015 $4,340 $4,340 $7,581 $7,581 $9,417 $9,417 $22,377 $22,377 Head of Household $0.00 $0.00 $58.80 $256.80 $548.30 $1,326.14 $1,913.66 $6,449.66 0% 10% 12% 22% 24% 32% 35% 37% $0 $777 $1.365 $3.015 $4.340 $7.581 $9.417 $22,377 Complete the question by filling in all answers in the tabs below. Employee Gross pay Payroll Register Chinson EERF Wayland EERF Peppinico EERF Cooper EERF Hissop EERF Success EERF General Journal General Ledger Run Date Payroll End Date 12/15/2020 12/15/2020 Company Name: Wayland Custom Woodworking Check Date 12/21/2020 Name Filing Status Dependents No. of Overtime Hours No. of Holiday Hours Commissions Gross Earnings 401(k) MJ 0 0 $ $ $ 0 0 Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop Student Success 2Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started