One month project from chapter 7 of payroll accounting a practical real world approch book. any single part of the problem being solved will help!!

M I S Per-Based Versions One-Month Project NOTE! Templates needed to complete these exercise for this course complete these exercises are included in the Student Exercise Files download Ellipses Corp. is a small business that operates in Herndon, VA Herndon, VA 20170. Its federal Employer Identification Numbe tax forms, is John Parker (telephone 571-555-0073). The company on forms. that operates in Herndon, VA. The company is located at 10 Period Lane, Employer Identification Number is 77-7777777, and its president, who signs all one #571-555-0073). The company does not wish to name a 3rd party designee During 2016 four individuals are employed by Ellipses Corp. These employees are as Social Security Federal W/H Allowances State W/H Allowances Marital Status Name Address Married Parker Cranston 111-11-1111 85 Southern Road Herndon, VA 20170 Married Allison Harrison 777-77-7777 203A Pine Court Herndon, VA 20170 Single John Parker 444-44-4444 212 Tradition Lane Herndon, VA 20170 Married Pierre Sterberg 333-33-3333 41 Seward Boulevard Herndon, VA 20170 Note that Pierre Sternberg was hired in November, and his first day of work was Monday, November 28. Additionally, due to an economic downturn, Allison Harrison was laid off in mid-December, with her last da work on Friday, December 16. All employees of Ellipses Corp. work a regular 40-hour workweek, receive overtime pay at a rate of 1.5 tim regular wage rate, and are paid weekly on Friday for the current week (which runs from Saturday through although employees never work on weekends). The SUTA tax rate applicable to Ellipses Corp. is 3.1%, whi SUTA wage base in Virginia is $8,000. Earnings and voluntary deduction information for each of the four employees is as follows. Regular Wage Rate Annual Salary Weekly 401(k) Deduction Weekly Charitable Contribution Name N/A 6% of gross pay Parker Cranston $15/hour $23/hour Allison Harrison 5% of gross pay $5 John Parker NA $203,000.20 $112,000.20 NA | NA Pierre Sternberg NA 1% of gross pay N/A One-Month Project 227 The first 11 months of the year have passed, and all payroll-related activity has been properly accounted for as of 11/30/2016. Payroll data for each of the four employees for the first three quarters of the year, as well as for the months of October and November, is as follows. Parker Cranston Gross Earnings Federal Income Tax State Income Tax Medicare Period Social Security Tax Charitable cont. 401(k) Deduction Tax 1st quarter $7,800.00 $312.00 $366.60 $483.60 $113.10 $65.00 $468.00 $468.00 2nd quarter $7,800.00 $366,60 $483.60 $65.00 $113.10 $113.10 3rd quarter $312.00 $312.00 $120.00 $7,800.00 $366.60 $483.60 $468.00 $65.00 $25.00 October $3,000.00 $141.00 $186.00 $43.50 $180.00 November $2,400.00 $96.00 $112.80 $148.80 $34.80 $144.00 $20.00 Allison Harrison Medicare Tax State Income Tax 401(k) Deduction Period Gross Earnings $11.960.00 Social Security Tax Charitable Cont. Federal income Tax $546.00 1st quarter $568.10 $173.42 $598.00 $65.00 $741.52 $741.52 2nd quarter $11.960.00 $546.00 $568.10 $173.42 $598.00 $65.00 3rd quarter $11.960.00 $568.10 $741.52 $173.42 $598.00 $65.00 October $546,00 $210.00 $168.00 S218.50 $285.20 $66.70 $4,600.00 $3,680.00 $230.00 $25.00 $20.00 November $228.16 $174.80 $53.36 $184.00 John Parker Gross Earnings Federal income Tax State Income Tax ncome Tax Social Security Tax Security Tax Medicare Tax Tax 401(k) Deduction Charitable Cont. Period 1st quarter 5735.93 $12, 110.54 $50,750.05 $0 $2,537.47 $2,537.47 $3,146.52 $3,146.52 $260.00 $260.00 2nd quarter $735.93 $50,750.05 $12,110.54 $2,537.47 $1,053.96 $735.93 $0 $260.00 $975.95 50 $283.05 $12,110.54 $4,657.90 $3,726.32 3rd quarter October November $50,750.05 $19,519.25 $15,615.40 $100.00 $780.76 $0 $226.44 $80.00 228 Payroll Accounting Chapter 7: Comprehensive Projects - Paper-Based Versions Pierre Sternberg Federal veral Income Tax Gross Earnings state Medicare Tax Social Security Tax 401(k) Charitable Deduction Cont. Period income Tax 1st quarter 50 $0 2nd quarter $0 50 50 50 3rd quarter 50 SO October SO SO SO SO November $2,153.85 $290.38 $21.54 $106.62 $133.54 $31.23 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 during December. 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 December 3, Parker Cranston requests that his federal withholding allowances increase from two to three (Ellipses Corp, 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 (Cranston, Harrison, Parker, Sternberg) each pay period and are written from a bank account that is used 762 solely for these payments. The first payroll check written in December is check Note that all charitable contributions are deemed to be made on the final day of each pay period. The following information will be required for the completion of these records for the two employees who are compensated via an hourly wage. Weekly Hours Worked Weekly Start Date Parker Cranston Allison Harrison 40 38 41 December 3 December 10 December 17 December 24 40 WARNING! The above dates are weekly start dates. Refer to a calendar to determine the weekly end dates and associated pay dates. Keep in mind that tax liability and payment amounts are determined based on the weekly pay dates. 3. Complete the employee earnings records for December for each of the four emplovees. If directed to do so by your instructor, record the necessary journal entries for each pay period. Three-Month Project 229 4. Complete Form 941 for the 4th quarter. Note that based on the lookback period, depositor. Assume that all necessary deposits were made on at ter. Note that based on the lookback period, the company is a monthly at all necessary deposits were made on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. Although Virginia quarterly state pay uarter. Although Virginia quarterly state payroll forms are also filed by Ellipses Corp., you will not complete these. It di Poes Corp., you will not complete these. If directed to do so by your instructor, record the necessary journal entries associated with Form 941 (including those required for any tax payments made). WIE Recall from the Form 941 Rounding Considerations section that quarter- and year-end tax figures should not be calculated based on the total taxable earnings for the respective quarter or year. Instead, to avoid rounding discrepancies, these tax figures should be determined for each employee by adding the individual taxes across each pay period. 5. Complete Form 940 for Ellipses Corp. Note that FUTA payments are made only when required (i.e., if the employer is permitted to postpone the payment of these taxes, it will do so until a point in time when payment must be remitted). If directed to do so by your instructor, record the necessary journal entry associated with Form 940. 6. Calculate total SUTA tax owed by the employer. Although Ellipses Corp. will file state forms in which this figure is reported, you are required to calculate only the total amount owed for the year. 7. Complete Copy A of Form W-2 for each of the four employees. State wages were the same as federal wages for each of the four employees, and the state identification number for Ellipses Corp. is the same as its federal Employer Identification Number Form W-3 for Ellipses Corp. Note that the company files the paper version of the form and selects "None apply" in the kind of Employer section. M I S Per-Based Versions One-Month Project NOTE! Templates needed to complete these exercise for this course complete these exercises are included in the Student Exercise Files download Ellipses Corp. is a small business that operates in Herndon, VA Herndon, VA 20170. Its federal Employer Identification Numbe tax forms, is John Parker (telephone 571-555-0073). The company on forms. that operates in Herndon, VA. The company is located at 10 Period Lane, Employer Identification Number is 77-7777777, and its president, who signs all one #571-555-0073). The company does not wish to name a 3rd party designee During 2016 four individuals are employed by Ellipses Corp. These employees are as Social Security Federal W/H Allowances State W/H Allowances Marital Status Name Address Married Parker Cranston 111-11-1111 85 Southern Road Herndon, VA 20170 Married Allison Harrison 777-77-7777 203A Pine Court Herndon, VA 20170 Single John Parker 444-44-4444 212 Tradition Lane Herndon, VA 20170 Married Pierre Sterberg 333-33-3333 41 Seward Boulevard Herndon, VA 20170 Note that Pierre Sternberg was hired in November, and his first day of work was Monday, November 28. Additionally, due to an economic downturn, Allison Harrison was laid off in mid-December, with her last da work on Friday, December 16. All employees of Ellipses Corp. work a regular 40-hour workweek, receive overtime pay at a rate of 1.5 tim regular wage rate, and are paid weekly on Friday for the current week (which runs from Saturday through although employees never work on weekends). The SUTA tax rate applicable to Ellipses Corp. is 3.1%, whi SUTA wage base in Virginia is $8,000. Earnings and voluntary deduction information for each of the four employees is as follows. Regular Wage Rate Annual Salary Weekly 401(k) Deduction Weekly Charitable Contribution Name N/A 6% of gross pay Parker Cranston $15/hour $23/hour Allison Harrison 5% of gross pay $5 John Parker NA $203,000.20 $112,000.20 NA | NA Pierre Sternberg NA 1% of gross pay N/A One-Month Project 227 The first 11 months of the year have passed, and all payroll-related activity has been properly accounted for as of 11/30/2016. Payroll data for each of the four employees for the first three quarters of the year, as well as for the months of October and November, is as follows. Parker Cranston Gross Earnings Federal Income Tax State Income Tax Medicare Period Social Security Tax Charitable cont. 401(k) Deduction Tax 1st quarter $7,800.00 $312.00 $366.60 $483.60 $113.10 $65.00 $468.00 $468.00 2nd quarter $7,800.00 $366,60 $483.60 $65.00 $113.10 $113.10 3rd quarter $312.00 $312.00 $120.00 $7,800.00 $366.60 $483.60 $468.00 $65.00 $25.00 October $3,000.00 $141.00 $186.00 $43.50 $180.00 November $2,400.00 $96.00 $112.80 $148.80 $34.80 $144.00 $20.00 Allison Harrison Medicare Tax State Income Tax 401(k) Deduction Period Gross Earnings $11.960.00 Social Security Tax Charitable Cont. Federal income Tax $546.00 1st quarter $568.10 $173.42 $598.00 $65.00 $741.52 $741.52 2nd quarter $11.960.00 $546.00 $568.10 $173.42 $598.00 $65.00 3rd quarter $11.960.00 $568.10 $741.52 $173.42 $598.00 $65.00 October $546,00 $210.00 $168.00 S218.50 $285.20 $66.70 $4,600.00 $3,680.00 $230.00 $25.00 $20.00 November $228.16 $174.80 $53.36 $184.00 John Parker Gross Earnings Federal income Tax State Income Tax ncome Tax Social Security Tax Security Tax Medicare Tax Tax 401(k) Deduction Charitable Cont. Period 1st quarter 5735.93 $12, 110.54 $50,750.05 $0 $2,537.47 $2,537.47 $3,146.52 $3,146.52 $260.00 $260.00 2nd quarter $735.93 $50,750.05 $12,110.54 $2,537.47 $1,053.96 $735.93 $0 $260.00 $975.95 50 $283.05 $12,110.54 $4,657.90 $3,726.32 3rd quarter October November $50,750.05 $19,519.25 $15,615.40 $100.00 $780.76 $0 $226.44 $80.00 228 Payroll Accounting Chapter 7: Comprehensive Projects - Paper-Based Versions Pierre Sternberg Federal veral Income Tax Gross Earnings state Medicare Tax Social Security Tax 401(k) Charitable Deduction Cont. Period income Tax 1st quarter 50 $0 2nd quarter $0 50 50 50 3rd quarter 50 SO October SO SO SO SO November $2,153.85 $290.38 $21.54 $106.62 $133.54 $31.23 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 during December. 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 December 3, Parker Cranston requests that his federal withholding allowances increase from two to three (Ellipses Corp, 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 (Cranston, Harrison, Parker, Sternberg) each pay period and are written from a bank account that is used 762 solely for these payments. The first payroll check written in December is check Note that all charitable contributions are deemed to be made on the final day of each pay period. The following information will be required for the completion of these records for the two employees who are compensated via an hourly wage. Weekly Hours Worked Weekly Start Date Parker Cranston Allison Harrison 40 38 41 December 3 December 10 December 17 December 24 40 WARNING! The above dates are weekly start dates. Refer to a calendar to determine the weekly end dates and associated pay dates. Keep in mind that tax liability and payment amounts are determined based on the weekly pay dates. 3. Complete the employee earnings records for December for each of the four emplovees. If directed to do so by your instructor, record the necessary journal entries for each pay period. Three-Month Project 229 4. Complete Form 941 for the 4th quarter. Note that based on the lookback period, depositor. Assume that all necessary deposits were made on at ter. Note that based on the lookback period, the company is a monthly at all necessary deposits were made on a timely basis and that the employer made deposits equal to the total amount owed for the quarter. Although Virginia quarterly state pay uarter. Although Virginia quarterly state payroll forms are also filed by Ellipses Corp., you will not complete these. It di Poes Corp., you will not complete these. If directed to do so by your instructor, record the necessary journal entries associated with Form 941 (including those required for any tax payments made). WIE Recall from the Form 941 Rounding Considerations section that quarter- and year-end tax figures should not be calculated based on the total taxable earnings for the respective quarter or year. Instead, to avoid rounding discrepancies, these tax figures should be determined for each employee by adding the individual taxes across each pay period. 5. Complete Form 940 for Ellipses Corp. Note that FUTA payments are made only when required (i.e., if the employer is permitted to postpone the payment of these taxes, it will do so until a point in time when payment must be remitted). If directed to do so by your instructor, record the necessary journal entry associated with Form 940. 6. Calculate total SUTA tax owed by the employer. Although Ellipses Corp. will file state forms in which this figure is reported, you are required to calculate only the total amount owed for the year. 7. Complete Copy A of Form W-2 for each of the four employees. State wages were the same as federal wages for each of the four employees, and the state identification number for Ellipses Corp. is the same as its federal Employer Identification Number Form W-3 for Ellipses Corp. Note that the company files the paper version of the form and selects "None apply" in the kind of Employer