Payroll Project As the accountant for Veneskey Sons, you have been hired to prepare the payroll and everything that goes along with it for OlFashion Industries which has 4 employees Their necessary payroll information is listed below and in the Excel spreadsheet for the current year The employees are paid monthly (last day of the current month) and were last paid Sept 30 th Assume this is an Indiana company and use the Indiana withholding rates SUTA rate 3 5 Employee Gross Wages Marital Status Recent Termination per check Hire date Larry 14,200 Married N A Keagan 4,700 Single N A Martha 3,700 Single Aug 1 st Nov 30 th Nancy 3,500 Married Sept 1st All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan Larry Has $450 pay deducted for 401K, $500 pay deducted for Medical Premium insurance , and $400 withheld for his Flexible Spending Account (FSA) Step 3 of W4 $2,500 Spouse does not work Keagan Has $300 pay deducted for 401K, $250 pay deducted for Medical Premium insurance , and $150 withheld for FSA Step 3 of W4 $500 Martha Has $50 pay deducted for 401K, $200 pay deducted for Medical Premium insurance , and $150 withheld for FSA Nothing for Step 3 or 4 Nancy Has $50 pay deducted for 401K, $350 pay deducted for Medical Premium insurance , and $400 withheld for FSA Spouse makes the same as her (checked step 2 on W4) Employer will match 401K contributions up to $500 Employers portion of the Medical Premiums is twice what the employee pays Instructions Using the attached Excel Spreadsheet tabs, complete the payroll register for Oct , Nov , and Dec (There is a separate monthly tab at the bottom of the Excel file) You may be creative and use your payroll template sheets instead of the nonformatted sheets in this Spreadsheet for Oct, Nov, and Dec register and journal entries However, make sure your template sheets, if you use them, contain all the answers found in the original tabs provided Using the Excel Spreadsheet or template sheet, complete the payroll journal entries for each month Also include the entries to record payment of taxes and other benefits to the respectable parties as outlined below Note Do Not include the Employers portion of 401K and Medical Premiums in with the Payroll Tax Expense These are not taxes, but separate expenses The taxes and other payroll benefit expenses are paid F W FICA every month (last paid Sept 15 th ) next due Oct 15 th (Sept pay) See opening trial balance for current payments due St W every 2 months (last paid Sept 15 th ) next due Nov 15 th (Sept and Oct pay) For each 2 month item, use the separate Trial balance and your own T Accts to help keep track of what is due (see below 5 trial balances) 401K every 2 months (last paid Sept 15 th ) next due Nov 15 th (Sept and Oct pay) Medical Prem FSA every 2 months (last paid Sept 15 th ) next due Nov 15 th (Sept and Oct pay) FUTA SUTA do not pay this year Create a checkbook record of each check written (included in each months Excel tab) Start with check 500 for the Oct 15 th payment and then continue with checks 501 504 for each employees check You may combine F W and FICA for one check to the Department of Treasury Note You should also refer to the open trial balance to determine how much is in each account to be paid Due to the prior accountant not paying the correct amount in Sept , the Sept balances due will be a little different than the Oct balances calculated The following are the names of each department receiving checks St W Ind Dept of Treasury 401K TIAA Cref Medical Ins Prem Anthem FSA Star Bank Complete an updated trial balance for the end of each month ending Dec 31 st (separate Excel taps provided) Only update the balances for the entries you make Thus leave all balance as is that are already filled in for Oct , Novetc Use the attached T Acct sheet to keep balance up to date Complete the W 2 for each employee (included in Dec Excel tab) Complete Form 941 for the 4 th Qtr (included in Dec Excel tab) Show all work as formulas in current tab or in a separate tab for longer work explanations Complete Form 940 (included in Dec Excel tab) Show all work as formulas in current tab or in a separate tab for longer work explanations

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Payroll Project As the accountant for Veneskey & Sons, you have been hired to prepare the payroll and everything that goes along with it for

Payroll Project

As the accountant for Veneskey & Sons, you have been hired to prepare the payroll and everything that goes along with it for OlFashion Industries which has 4 employees. Their necessary payroll information is listed below and in the Excel spreadsheet for the current year. The employees are paid monthly (last day of the current month) and were last paid Sept. 30^th. Assume this is an Indiana company and use the Indiana withholding rates. SUTA rate = 3.5%.

Employee Gross Wages Marital Status Recent Termination per check Hire date

Larry 14,200 Married N/A

Keagan 4,700 Single N/A

Martha 3,700 Single Aug. 1^st Nov. 30^th

Nancy 3,500 Married Sept. 1st

***All Medical Premium Insurance and Flexible Spending are part of a cafeteria plan***

Larry Has $450/ pay deducted for 401K, $500/pay deducted for Medical Premium insurance , and $400 withheld for his Flexible Spending Account (FSA). Step 3 of W4 = $2,500. Spouse does not work.

Keagan - Has $300/ pay deducted for 401K, $250/pay deducted for Medical Premium insurance , and $150 withheld for FSA. Step 3 of W4 = $500

Martha- Has $50/ pay deducted for 401K, $200/pay deducted for Medical Premium insurance , and $150 withheld for FSA. Nothing for Step 3 or 4

Nancy- Has $50/ pay deducted for 401K, $350/pay deducted for Medical Premium insurance , and $400 withheld for FSA. Spouse makes the same as her (checked step 2 on W4)

**Employer will match 401K contributions up to $500. Employers portion of the Medical Premiums is twice what the employee pays.**

Instructions:

Using the attached Excel Spreadsheet tabs, complete the payroll register for Oct., Nov., and Dec. (There is a separate monthly tab at the bottom of the Excel file).
1. You may be creative and use your payroll template sheets instead of the nonformatted sheets in this Spreadsheet for Oct, Nov, and Dec register and journal entries. However, make sure your template sheets, if you use them, contain all the answers found in the original tabs provided.
Using the Excel Spreadsheet or template sheet, complete the payroll journal entries for each month. Also include the entries to record payment of taxes and other benefits to the respectable parties as outlined below.

** Note: Do Not include the Employers portion of 401K and Medical Premiums in with the Payroll Tax Expense. These are not taxes, but separate expenses.

The taxes and other payroll benefit expenses are paid:
1. F/W & FICA every month (last paid Sept. 15^th) next due Oct. 15^th (Sept pay)
  1. See opening trial balance for current payments due
2. St/W every 2 months (last paid Sept. 15^th) next due Nov. 15^th (Sept and Oct pay)
  1. For each 2 month item, use the separate Trial balance and your own T-Accts to help keep track of what is due (see below #5 trial balances)
3. 401K every 2 months (last paid Sept. 15^th) next due Nov. 15^th (Sept and Oct pay)
4. Medical Prem. & FSA every 2 months (last paid Sept. 15^th) next due Nov. 15^th (Sept and Oct pay)
5. FUTA & SUTA do not pay this year
Create a checkbook record of each check written (included in each months Excel tab)
1. Start with check 500 for the Oct 15^th payment and then continue with checks 501 504 for each employees check.
2. You may combine F/W and FICA for one check to the Department of Treasury
  1. Note: You should also refer to the open trial balance to determine how much is in each account to be paid. Due to the prior accountant not paying the correct amount in Sept., the Sept balances due will be a little different than the Oct. balances calculated.
3. The following are the names of each department receiving checks
  1. St/W = Ind. Dept. of Treasury
  2. 401K = TIAA Cref
  3. Medical Ins. Prem. = Anthem
  4. FSA = Star Bank
Complete an updated trial balance for the end of each month ending Dec. 31^st (separate Excel taps provided)
1. Only update the balances for the entries you make. Thus leave all balance as is that are already filled in for Oct., Novetc.
2. Use the attached T-Acct sheet to keep balance up-to-date
Complete the W-2 for each employee (included in Dec. Excel tab)
Complete Form 941 for the 4^th Qtr (included in Dec. Excel tab)
1. Show all work as formulas in current tab or in a separate tab for longer work explanations
Complete Form 940 (included in Dec. Excel tab)
1. Show all work as formulas in current tab or in a separate tab for longer work explanations