ne apply in the kind of Employer section op. Note that the company files the paper DO company files the paper version of the form and selects Three-Month Project NOTE! Templates needed to complete the to complete these exercises 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 Appalachian Way, Somerset, VT 05363. Its federal Employer Identification Number is 44-4444444, and its president, who signs all tax forms, is Stacey Jones (telephone #802-555-3917). The company does not wish to name a third- party designee on forms. During 2018 four individuals are employed by Ampersand, Inc. These employees are as follows. Social Security Federal W/H Allowances State W/H Allowances Marital Status Name Address 222-22-2222 Single Maggie Hough 13 Spruce Street Somerset, VT 05363 999-99-9999 Married William Finnegan 7 Smith Boulevard Somerset, VT 05363 555-55-5555 Single Stacey Jones 888-88-8888 8110 Browning Place Somerset, VT 05363 101 Park Court Somerset, VT 05363 Married Francine Stewart 230 Payroll Accounting Chapter 7: Comprehensive Projects --Paper Based versions Note that Francine Stewart was hired in September, and her first day of work Additionally, due to an economic downturn, Maggie Hough was laid off in work on Friday, November 23. day of work was Monday, September 24. as laid off in late November, with her last day of All employees of Ampersand, Inc., work a regular 40-hour workweek (thu week are overtime hours), receive overtime at a rate of 15 times there on Sunday for the most recent week (which runs from Mo ost recent week (which runs from Monday through Sunday, althoug on weekends). The SUTA tax rate applicable to Ampersand, Inc., is 2.5 $17.600. -hour workweek (thus all hours worked over 40 in a given at a rate of 1.5 times the regular wage rate, and are paid weekh ah employees never work Pplicable to Ampersand, Inc., is 2.5%, while the SUTA wage base in Vermonti Earnings and voluntary deduction information for each of the four employee mation for each of the four employees is as follows. Name Weekly 401(k) Deduction Weekly Charitable Contribution Annual Salary N/A Regular Wage Rate $14/hour $18/hour Maggie Hough William Finnegan 5% of gross pay $10 55 4% of gross pay NA Stacey Jones NA N/A NA $262.000.44 $94.000.40 Francine Stewart 2% of gross pay N/A The first three quarters of the year have passed, and all payroll-related activity has been properly accounted for as of 9/30/2018. Quarterly payroll data for each of the four employees is as follows. Maggie Hough Gross Earnings Federal Income Tax State Income Tax Medicare Tax Charitable Cont. Quarter 1st quarter 401(k) Deduction $364 Social Security Tax $451.36 $451.36 $7,280 $546 $345.80 $105.56 S130 2nd quarter $7,280 $546 $345.80 $105.56 $364 $130 3rd quarter $7,280 $546 $345.80 $451.36 $105.56 $364 $130 William Finnegan Quarter Gross Earnings Federal Income Tax State Income Tax Social Security Tax Medicare 401(k) Tax Deduction Charitable Cont. 1st quarter $9,360 $338 $449.28 $374.40 $65 2nd quarter 59,360 $338 $580.32 $580.32 $449.28 $135.72 $135.72 $135.72 $374.40 $65 3rd quarter $9,360 $338 $449.28 $580.32 $374.40 $65 Stacey Jones Gross Earnings ter Quarter Earnings F ederal Income Tax There 231 uarter $65,500.11 $15.792 Social Security Tax 54,061.07 $65,5001 $65,500.11 2nd quarter State Income Tax 53.274 96 $3,274.96 53.27496 Medicare Tax 401(k) $15,798.25 Charitable Deduction Cont ord quarter 1949 78 $65,500.11 $15.798.25 53.899.73 594970 1997 Francine Stewart Gross Earnings Federal Income Tax Quarter State Income Tax Social Security Tax Medicare Tax 4010) Deduction 1st quarter SO Charitable Cont. 2nd quarter SO 3rd quarter $1,807.70 $149.90 588.58 $112.08 $26 21 536.15 SO 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 in the fourth quarter. 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 November 26, Stacey Jones requests that her federal withholding allowances decrease from two to one (Ampersand, Inc, 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 hough, Finnegan, Jones, Stewart) each pay period and are written from a bank account that is used solely these payments. The first payroll check written in October is check 4711 e that all charitable contributions are deemed to be made on the final day of each pay period. The wing information will be required for the completion of these records for the two employees who are compensated via an hourly wage. ne apply in the kind of Employer section op. Note that the company files the paper DO company files the paper version of the form and selects Three-Month Project NOTE! Templates needed to complete the to complete these exercises 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 Appalachian Way, Somerset, VT 05363. Its federal Employer Identification Number is 44-4444444, and its president, who signs all tax forms, is Stacey Jones (telephone #802-555-3917). The company does not wish to name a third- party designee on forms. During 2018 four individuals are employed by Ampersand, Inc. These employees are as follows. Social Security Federal W/H Allowances State W/H Allowances Marital Status Name Address 222-22-2222 Single Maggie Hough 13 Spruce Street Somerset, VT 05363 999-99-9999 Married William Finnegan 7 Smith Boulevard Somerset, VT 05363 555-55-5555 Single Stacey Jones 888-88-8888 8110 Browning Place Somerset, VT 05363 101 Park Court Somerset, VT 05363 Married Francine Stewart 230 Payroll Accounting Chapter 7: Comprehensive Projects --Paper Based versions Note that Francine Stewart was hired in September, and her first day of work Additionally, due to an economic downturn, Maggie Hough was laid off in work on Friday, November 23. day of work was Monday, September 24. as laid off in late November, with her last day of All employees of Ampersand, Inc., work a regular 40-hour workweek (thu week are overtime hours), receive overtime at a rate of 15 times there on Sunday for the most recent week (which runs from Mo ost recent week (which runs from Monday through Sunday, althoug on weekends). The SUTA tax rate applicable to Ampersand, Inc., is 2.5 $17.600. -hour workweek (thus all hours worked over 40 in a given at a rate of 1.5 times the regular wage rate, and are paid weekh ah employees never work Pplicable to Ampersand, Inc., is 2.5%, while the SUTA wage base in Vermonti Earnings and voluntary deduction information for each of the four employee mation for each of the four employees is as follows. Name Weekly 401(k) Deduction Weekly Charitable Contribution Annual Salary N/A Regular Wage Rate $14/hour $18/hour Maggie Hough William Finnegan 5% of gross pay $10 55 4% of gross pay NA Stacey Jones NA N/A NA $262.000.44 $94.000.40 Francine Stewart 2% of gross pay N/A The first three quarters of the year have passed, and all payroll-related activity has been properly accounted for as of 9/30/2018. Quarterly payroll data for each of the four employees is as follows. Maggie Hough Gross Earnings Federal Income Tax State Income Tax Medicare Tax Charitable Cont. Quarter 1st quarter 401(k) Deduction $364 Social Security Tax $451.36 $451.36 $7,280 $546 $345.80 $105.56 S130 2nd quarter $7,280 $546 $345.80 $105.56 $364 $130 3rd quarter $7,280 $546 $345.80 $451.36 $105.56 $364 $130 William Finnegan Quarter Gross Earnings Federal Income Tax State Income Tax Social Security Tax Medicare 401(k) Tax Deduction Charitable Cont. 1st quarter $9,360 $338 $449.28 $374.40 $65 2nd quarter 59,360 $338 $580.32 $580.32 $449.28 $135.72 $135.72 $135.72 $374.40 $65 3rd quarter $9,360 $338 $449.28 $580.32 $374.40 $65 Stacey Jones Gross Earnings ter Quarter Earnings F ederal Income Tax There 231 uarter $65,500.11 $15.792 Social Security Tax 54,061.07 $65,5001 $65,500.11 2nd quarter State Income Tax 53.274 96 $3,274.96 53.27496 Medicare Tax 401(k) $15,798.25 Charitable Deduction Cont ord quarter 1949 78 $65,500.11 $15.798.25 53.899.73 594970 1997 Francine Stewart Gross Earnings Federal Income Tax Quarter State Income Tax Social Security Tax Medicare Tax 4010) Deduction 1st quarter SO Charitable Cont. 2nd quarter SO 3rd quarter $1,807.70 $149.90 588.58 $112.08 $26 21 536.15 SO 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 in the fourth quarter. 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 November 26, Stacey Jones requests that her federal withholding allowances decrease from two to one (Ampersand, Inc, 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 hough, Finnegan, Jones, Stewart) each pay period and are written from a bank account that is used solely these payments. The first payroll check written in October is check 4711 e that all charitable contributions are deemed to be made on the final day of each pay period. The wing information will be required for the completion of these records for the two employees who are compensated via an hourly wage