Information for above project:

Rounding can create a challenge. For these exercises, the rate for the individuals is not rounded. For full-time, exempt employees take their salary and divide by 24 pay periods to get a period wage. So take their salary and divide by 2,080 ( 52 weeks at 40 hours per week) for full-time, nonexempt employees. Note: Leave the hourly rate rounded to five decimal places, as shown in the example at the start of Appendix A. After the gross pay has been calculated, then round the result to two decimal points prior to calculating taxes or other withholdings. December 15 Compute the net pay and update the Employees' Earnings Records with the December 15 pay and the new YTD information. Employee pay will be disbursed on December 20, 2022. Any hours worked in excess of 88 hours during this pay period are considered overtime for nonexempt employees. General Journal Entries Complete the General Journal entries as follows Voluntary deductions for each employee are as follows: The hours for the employees are as follows: Short Version, One-Month Option: quarter and annual tax reports on the appropriate dates. Wayland Custom Woodworking is located at 12850 Old Highway 50, Glenbrook, Nevada, 89413, phone number 7755559877. The owner is Mark Wayland. Wayland's EIN is 91-7444533l. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the percentage method for manual payrolls with Forms W4 from 2020 or later. Complete the Payroll Register for December 31 . Complete the headers of the Employees' Earnings Register for all company employees. Enter the YTD earnings for each employee. The departments are as follows: Department oo: Sales and Administration Department 01: Factory Workers Department 02: Delivery and Customer Service 1. You have been hired as of October 1 as the new accounting clerk. Your employee number is oo-SUCCE. Your name is STUDENT SUCCESS. Your address is 16 Kelly Circle \#2, Glenbrook, NV 89413. Your phone number is 7755561211, you were born on July 16, 2001, your Nevada driver's license number is 168575381944 expiring on your birthday in 2024, and your Social Security number is 555-55-5555. You are nonexempt and paid at a rate of $42,000 per year as an accounting clerk. Complete Form W4 and, using the given information, complete the I9 form to start your employee file. The forms were reviewed by Mark Wayland. Complete it as if you are single with no dependents or other income, you contribute 3 percent to a 401(k), and health insurance is $50 per pay period. The balance sheet for WCW as of September 30,2022 , is as follows: Employees are paid for the following holidays occurring during the final quarter: - Thanksgiving day and the day after, Thursday and Friday, November 24-25. - Christmas is on Sunday. Employees receive holiday pay for Monday, December 26. For the completion of this project, students will use the percentage method for federal income tax located in Appendix C. Employees' 401(k) and insurance are pre-tax for federal income tax. The SUTA (UI) rate for Wayland Custom Woodworking is 3.25 percent on the first $36,600 of employee wages. There is an additional 0.05 percent for Career Enhancement Program (CEP). FUTA, SUTA, and CEP allow for a deduction for Section 125 contributions, not for 401(k) contributions. Employer contribution of Section 125 is 1.5 times the employee portion and should be added to the wages for the completion of FUTA and SUTA forms. No employee has additional information in Step 4 of their W4S, all W4 s were Post all journal entries to the appropriate General Ledger accounts. December 31 The final pay period of the year will not be paid to employees until January 4,2023 . The company will accrue the wages for the final pay period only. Since the pay period is complete, there will not be a reversing entry for the accrual. The company pays holiday pay for December 26, 2022. Employee pay will be disbursed and reflected on the Employees' Earnings Register when paid. The remainder of the employer liability will be paid with the final filing for the year. Complete all state and federal tax forms for the year-end. Generate Forms W-2 and W3 for employees, and recall that these forms only reflect wages actually paid during the calendar year. Employer amounts for health coverage should be reported as 1.5 times the employee's premium in Box 12, using Code DD. The forms will be signed on January 13,2023 . The hours for the employees are as follows: Comprehensive Payroll Project: Wayland Custom Woodworking Wayland Custom Woodworking is a firm that manufactures custom cabinets and woodwork for business and residential customers. Students will have the opportunity to establish payroll records and to complete a month of payroll information for Wayland. Wayland Custom Woodworking is located at 12850 Old Highway 50, Glenbrook, Nevada, 89413 , phone number 7755559877. The owner is Mark Wayland. Wayland's EIN is 91-7444533 and the Nevada Employer Account Number is E6462582020-6. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the percentage method for manual payrolls with Forms W-4 from 2020 or later. Students will complete the payroll for the final quarter of 2022 and will file the fourth quarter and annual tax reports on the appropriate dates. At the instructor's discretion, students may complete a short version, which contains the payroll transactions beginning December 1. Directions for completion of the short version follow the November 30 transactions. Rounding can create a challenge. For these exercises, the rate for the individuals is not rounded. Take the employee's salary and divide it by 2,080 (52 weeks at 40 hours per week) for full-time, nonexempt employees. Note: Leave the hourly rate rounded to five decimal places, as shown in the next example. After the gross pay has been calculated, then round the result to two decimal points prior to calculating taxes or other withholdings. Complete the Payroll Register for December 15 . Round wages to five decimal points and all other final answers to two decimal points. Complete the Payroll Register for December is. P/R End Date Company Name Check Date December 31 The final pay period of the year will not be paid to employees until January 4,2023 . The company will accrue the wages for the final pay period only. Since the pay period is complete, there will not be a reversing entry for the accrual. The company pays holiday pay for December 26, 2022. Employee pay will be disbursed and reflected on the Employees' Earnings Register when paid. The remainder of the employer liability will be paid with the final filing for the year. Complete all state and federal tax forms for the year-end. Generate Forms W-2 and W3 for employees, and recall that these forms only reflect wages actually paid during the calendar year. Employer amounts for health coverage should be reported as 1.5 times the employee's premium in Box 12, using Code DD. The forms will be signed on January 13,2023. The hours for the employees are as follows: *Employees worked extra hours on Wednesday, 12/28. Reminder, holidays and vacations are not included as hours worked for calculation of overtime. October 1 Complete the General Journal entries as follows: Post all journal entries to the appropriate General Ledqer accounts. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{WaylandCustomWoodworkingBalanceSheetSeptember30,2022} \\ \hline \multicolumn{2}{|c|}{ Assets } & \multicolumn{2}{|c|}{ Liabilities \& Equity } \\ \hline Cash & $1,125,000.00 & Accounts Payable & $112,490.00 \\ \hline Supplies & 27,240.00 & SalariesandWagesPayable & \\ \hline Office Equipment & 87,250.00 & FederalUnemploymentTaxPayable & \\ \hline Inventory & 123,000.00 & SocialSecurityTaxPayable & \\ \hline Vehicle & 25,000.00 & MedicareTaxPayable & \\ \hline AccumulatedDepreciation,Vehicle & & StateUnemploymentTaxPayable & \\ \hline Building & 164,000.00 & CareerEnhancementProgramPayable & \\ \hline AccumulatedDepreciation,Building & & EmployeeFederalIncomeTaxPayable & \\ \hline Land & 35,750.00 & EmployeeStateIncomeTaxPayable & \\ \hline Total Assets & 1,587,240.00 & 401(k)ContributionsPayable & \\ \hline & & EmployeeMedicalPremiumsPayable & \\ \hline & & Notes Payable & 224,750.00 \\ \hline & & Total Liabilities & 337,240.00 \\ \hline & & Owners' Equity & 1,250,000.00 \\ \hline & & Retained Earnings & - \\ \hline & & Total Equity & 1,250,000.00 \\ \hline & & TotalLiabilitiesandEquity & 1,587,240.00 \\ \hline \end{tabular}