Please complete and I other additional info if needed.

153 of 229 a A6 Page 384 APPENDIX A Comprehensive Payroll Project: Wayland Custom Woodworking Wayland Custom Woodworking in 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, Wuyland Custom Woodworking is located at 12850 Old Highway 50, Glenbrook, Nevada, 89413, phone number 775 5559877. The owner is Mark Wayland, Wayland's EIN IS 91444533 and the Nevada Employer Account Number is 56462582020 6. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the perewig method. Students will complete the payroll for the final quarter of 2020 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 4 Directions for completion of the short version follow the November 30 ansactions Rounding can create a challenge for these exercises, the rate for the individuals is not rounded. So take their salary and divide by 2010 (52 weeks at 40 hours per week) for full-time, nonexempt employees. NOTE: Leave the hourly rate rounded to 5 decimal places as shown in the next example, ther the gross pay has been calculated, then found the result to two decimal points prior to calculating taxes or other withholdings EXAMPLE: ANNUAL SALARY TO HOURLY RATE, NONEXEMPT EMPLOYEE Employee Cooper's annual salary is $62.000, and he is a nonexempt employee. Hourly rate = $62,000/ (52 40) - $62,000/2,080 Hourly rate -$29.80769 per hour 305 lije 193 OT 229 Q A6 Hourly rate= $29.80769 per hour Pigg 385 EXAMPLE: PERIOD GROSS PAY, SALARIED EMPLOYEE Employee Chinson ears an annual salary of $48.000 and is paid semimonthly Period gross pay $48,000/24 $2000 gross pay For pay periods with holiday hours: determine the amount paid per diy, multiply by the number of days applicable to each pay period, Annual salary: $48,000/(525) $48.000/260_$184.61538 (rounded to 5 decinal points) per day. Once you have the holiday pay, subtract it from their salary for the period for regular time. Employees are paid for the following holidays occurring during the final quarter . Thanksgiving day and the day after, Thursday and Friday, November 26 27 . Christmas, which is a Friday. Employees receive holiday pay for Thursday, December 24. and Friday, December 25. For the completion of this project, the following information can be located in Appendix C. Students will use the percentage method for federal income tax Employees 401(k) and insurance are pre tax for federal income tax. The SUTA (UD) rate for Wayland Custom Woodworking is 3.25% on the first $32.500. There is an additional 05 for Career Enhancement Program (CEP). Neither of these has deductions for Section 125 or 401(k) contributions by the employee No employee has additional information in Step 4 of their WA, all W-4s were received in 2020, no box 2c has been checked. Federal Unemployment Rate employer only) Semimonthly Federal Percentage Method for manual payroll Tax Table State Unemployment Rate employer only) Career Enhancement Program 0.6 on the first $7,000 of wages Appendix 3.25% on the first $32.500 of wages 0.05% on the first $3.500 of wages line d. The At SIFON data 415 O e MOLAS 153 of 229 a JA 6 Job title: Craftsman SSN: 017559951 01 Coope Stevon Cooper Single: None 2215 Lands End Drive Nonesempi $62.000/year Glenbrook, NV 89413 7755559981 Start Date: 10/1/2020 SSN: 022-66-1131 02 HSSO Job title: Craftsman Leonard Hop 333 Engine House Circle Glenbrook NV 89413 775555 585 Single: 1 Other Nonexempt $51.500/year Start Date: 10/1/2020 SSN: 11-22-6698 Job title: Purchasing/Shipping H16 Voluntary deductions for each employee are as follows: Name Deduction Chinson Insurance: $50/paycheck 401(k): 3 of gross pay Wayland Insurance: $75/paycheck 401(k): 6% of gross pay Peppinico Insurance: $75/pwcheck 401(KX $50 per paycheck Cooper Insurance: 55/paycheck 9620364273666619 t th Map ON SA Taswid1416 mm 153 of 229 > o Chinson Insurance: $50/paycheck 401X3% of gross pay Insurance: 575/paycheck Wayland Peppinico Cooper 401(k) 6% of gross pay Insurance $75/paycheck 401(k) $50 per paycheck Insurance $50/payeheck 401(k): 4% of gross pay Insurance: $75/paycheck 401(k): 3 of gross pay Insurance $50/paycheck 401(k) 3 of gross pay Hissop Student 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 00: 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 775.556 1211. you were born July 16, 1985. your Nevada driver's license number is 168575381914 expiring in 7/2024, and your Social Security number is 555-555555. You are nonexempt and paid at a rate of $42.000 per year. Complete Form W4 and using the given information, complete the 19 form to start your employee file. Complete it as if you are single with no dependents or other income, you contribute percent to a 40, and alth insurance is $50 per pay period. The balance sheet for WCW as of September 30, 2020, is as follows Page 382 leur Wayland Custom Woodworking Balance Sheet November 30, 2020 Assets Liabilities & Equiry Cash $ 1.075.434.83 Accounts Payable $ 112,747.25 13,834.07 Supplies Office Equipment Inventory 55.27 3.967.36 Vehicle 42.240.11 Salaries and Wages Payable 87.250.00 Federal Unemployment Tax Payable 167.099.00 Social Security Tax Payable 25,000.00 Medicare Tax Payable State Unemployment Tax Payable 164.000,00 Career Enhancement Program Payable Employee Federal Income Tax Payable 927.88 Accumulated Depreciation Vehicle 1.064.20 16,38 Building Accumulated Depreciation. Building 1.831.76 Land 1.203.14 35.750.00 401(k) Contributions Payable S1,896.773.94 Employee Medical Premiums Payable Total Assets 750.00 Notes Payable 210.376.62 Total Liabilities 346.773.94 Owners' Equity 1.250,000.00 Retained Earnings Total Equin 1.250,000.00 Total Liabilities and Equin $1.596.773.94 Sudionicamamlanan memberi Students will complete the payroll for the final month of 2020 and will file the fourth quarter and annual tax reports on the Pape 400 appropriate dates. Wayland Custom Woodworking is located at 12850 Old Highway 50. Glenbrook, Nevada, 89413, phone number 775-555-9877. The owner is Mark Wayland. Wayland's EIN is 91-74445331. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the percentage method. Rounding can create a challenge. For these exercises, the rate for the individuals is not rounded. 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 5 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. 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 21, 2020. Any hours worked in excess of 88 hours during this pay period are considered overtime for nonexempt employees, The hours for the employees are as follows: Hourly Rate or Period Wage Name (round to 5 decimals) Pay Period Hours 12/01 - 12/15 Regular (round to 2 Overtime (round to 2 Holiday (round to 2 decimals) decimals) decimals) Comunission Chinson $1,680,00 88 hours (exempt) 88 hours (exempt) Wayland Peppinico 88 hours (exempt) Cooper 92 hours Hissop 88 hours Student 91 hours December Sunday Monday Tuesday Wednesday Thursday Friday Saturday A C Complete the Payroll Register for December 15. Round wages to five decimal points and all other final answers to two decimal points. Page 401 Run Date Company Name Wayland Custom Woodworking P/R Date Hourly Rate or Period Status Dependents Wage Taxable Wages Taxable for Wages Gross Federal for Commissions Earnings Insurance 401(k) W/H FICA No. of No. of No, of Regular Overtime Holiday Hours Hours Hours Filing Name Anthony Chinson Mark Wayland Sylvia Peppinico > Stevon Cooper Leonard Hissop Student Total Taxable Wages for Federal Taxable Wages for Social Security Medicare State WH Federal Union Net Check Total Taxable Wages Taxable for Wages Federal for W/H FICA Social Security Medicare Tax W/H State W/H Tax Federal W/H Net Gross Earnings Union Dues Check No. Name Pay Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop Student Total / General Journal Entries Complete the General Journal entries as follows: 15-Dec Journalize employee pay including the issuance of paychecks (use one entry for all checks). 15-Dec Journalize employer payroll tax for the December 15 pay date. 21-Dec Journalize payment of payroll to employees. Total General Journal Entries Complete the General Journal entries as follows: 15 Dec Journalize employee pay including the issuance of paychecks (use one entry for all checks). 15-Dec Joumalize employer payroll tax for the December 15 pay date. 21-Dec Journalize payment of payroll to employees. Post all journal entries to the appropriate General Ledger accounts. Pape 402 Date Description Post Ref. Debit Credit December 31 December 31 The final pay period of the year will not be paid to employees until January 5, 2021. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be an accrual. No reversing entry is needed because that would occur during the first pay period of the next calendar year. The company pays for Christmas Eve and the day or Christmas for 2020. Employees will be paid for both Thursday and Friday as holiday pay 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 W2 and W.3 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 hours for the employees are as follows: Hourly Rate or Period Wage Pay Period Hours 12/16- Regular (round to 2 Overtime (round to (round to 5 decimals) 12/31 decimals) 2 decimals) Holiday (round to 2 decimals) Name Commission Chinson 96 hours (exempt - 16 hours Holiday) SL.015.00 Wayland 96 hours (exempt -16 hours Holiday) Peppinico 96 hours (exempt - 16 hours Holiday) Cooper 98 hours (16 Holiday) Hissop 97 hours (16 Holiday) Student 99 hours (16 Holiday candela non det Run Date Company Name Wayland Custom Woodworking P/R Date Hourly Rate or Filing Period Status Dependents Wage No. of No. of No. of Regular Overtime Holiday Hours Hours Hours Taxable Wages Taxable for Wages Gross Federal for Commissions Earnings Insurance 401(k) W/H FICA Name Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop Student Total Taxable Wages for Federal W/H Taxable Wages for FICA Social Security Medicare Tax W/H Federal WH State W/H Tax Net Union Dues Check No. Pay Name Gross Earnings Amhamsa Leonard Hissop Student Total Taxable Wages for Federal W/H Taxable Wages for FICA Social Security Medicare W/H State W/H Tax Federal W/H Net Gross Earnings Union Dues Check No. Name Tax Pay Anthony Chinson Mark Wayland Sylvia Peppinico . Stevon Cooper Leonard Hissop Student Total General Journal Entries Complete the General Journal entries as follows: General Journal Entries Complete the General Journal entries as follows: 31-Dec Accrue employee pay including the issuance of paychecks (use one entry for all cheeks). Accrue employer payroll tax for the December 31 pay date. 31 Dec Post all journal entries to the appropriate General Ledger accounts. Page 404 Date Description Post Ret Post Ref. Debit Credit Form 941 for 2020: Employer's QUARTERLY Federal Tax Return 950117 OMB No. 1545-0029 Rex. January 2020) Department of the Treasury inter Revenue Service Employer identification number EN Name of your trade name Report for this Quarter of 2020 (Check one.) 3.1: January, February, March 2 April May June 3: July August September 4 October November December Go to www.irs.govForm941 for instructions and the latest information Trade name of any Address Number Sot Some from me F.com For couny Foror province county For Code Read the separate instructions before you complete Form 941. Type or print within the boxes Part 1: Answer these questions for this quarter. 1 Number of employees who received wages, tips, or other compensation for the pay period including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) 1 2 Wages, tips, and other compensation 3 3 Federal income tax withheld from wages, tips, and other compensation Check and go to line 6 4 If no wages, tips, and other compensation are subject to social security or Medicare tax Column 1 Column 2 5a Taxable social security wages 19 1241 5b Taxable social security tips x 0.124 . 0.029 50 Taxable Medicare wages & tips. 5d Taxable wages & tips subject to Additional Medicare Tax withholding X 0.009 5e 50 Add Column 2 from lines a, 5b, 5c, and 5d S Section 3121) Notice and Demand Tax due on unreported tips (noe instructions) 54 Total taxes before adjustments. Add lines 3, 5e, and 57 6 7 Current quarter's adjustment for tractions of cents 7 8 Current quarter's adjustment for sick pay . Current quarter's adjustments for tips and group-term life insurance 9 . 10 Total taxes after adjustments. Combine lines 6 through 9 10 11 Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 11 12 Total taxes after adjustments and credits. Subtractine 11 from line 10 12 13 Total deposits for this quarter, including overpayment applied from a prior quarter and overpayments applied from Form 941-X 941-X (PR), 944-X, or 041-X (SP) filed in the current quarter 13 14 Balance due. If line 12 is more than line 13, enter the difference and see instructions 14 Check one wyn so re 15 Overpayment. I ane 13 s more than line 12. enter the difference You MUST complete both pages of Form 941 and SIGN IL For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. Internal Revenue Service Cat No. 17001Z Forn 941 v. 1-2000 Page 950217 Nane porou raderime Employer cation number (IN Part 2 Tell us about your deposit schedule and tax liability for this quarter. If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. 16 Checkonie Line 12 on this return is less than $2.500 or line 12 on the return for the prior quarter was less than $2.000, and you didn't incur a $100.000 ment-day deposit obligation during the current quarter fine 18 for the prior wrth 500 but ne 12 on this retum is $100.000 or more you must provde a record of your federality, you mosche deposito complete the deposit schade blow you wely schede decidir amach Schedule 1 Go to Part 3 You were a monthly schedule depositor for the entire quarter. Enter your tax lability for each month and total Hability for the quarter, then go to Part 3 Tax liability Month 1 Month 2 Tax Month Month 2 Month Total Bobity for quarter Total must equal line 12 You were alweekly schedule onostor for any part of this quarter. Corretorm et Low Schedules, and hit to Fon 041 Parta: Tell us about your business. If a question does NOT apply to your business, leave it blank. 17 your business has cloned of you stopped paying was Check yo old w 10 you are a son amployer and you don't have to file a return for every quarter of the year Check her Part 4 May we speak with your third-party designe? low memoloves and tax preparer.nother person to discussion with the IRS Seibutors IL Y Olame and the numb Select a dat Personal demotion Number PN werking to the DOO NA Part 5 Sign here. You MUST complete both pages of Form 941 and SIGNI penat NE und THEW wed och Pt your name here Sign your name here Prvyow title here inowe X Date BIHARI Paid Preparer Use Only Best daytime phone Check if you are loved PTA Pro m'e . EIN Phone Ad CH Scala DP. 41 2 IS DIA 153 of 229 a A6 Page 384 APPENDIX A Comprehensive Payroll Project: Wayland Custom Woodworking Wayland Custom Woodworking in 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, Wuyland Custom Woodworking is located at 12850 Old Highway 50, Glenbrook, Nevada, 89413, phone number 775 5559877. The owner is Mark Wayland, Wayland's EIN IS 91444533 and the Nevada Employer Account Number is 56462582020 6. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the perewig method. Students will complete the payroll for the final quarter of 2020 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 4 Directions for completion of the short version follow the November 30 ansactions Rounding can create a challenge for these exercises, the rate for the individuals is not rounded. So take their salary and divide by 2010 (52 weeks at 40 hours per week) for full-time, nonexempt employees. NOTE: Leave the hourly rate rounded to 5 decimal places as shown in the next example, ther the gross pay has been calculated, then found the result to two decimal points prior to calculating taxes or other withholdings EXAMPLE: ANNUAL SALARY TO HOURLY RATE, NONEXEMPT EMPLOYEE Employee Cooper's annual salary is $62.000, and he is a nonexempt employee. Hourly rate = $62,000/ (52 40) - $62,000/2,080 Hourly rate -$29.80769 per hour 305 lije 193 OT 229 Q A6 Hourly rate= $29.80769 per hour Pigg 385 EXAMPLE: PERIOD GROSS PAY, SALARIED EMPLOYEE Employee Chinson ears an annual salary of $48.000 and is paid semimonthly Period gross pay $48,000/24 $2000 gross pay For pay periods with holiday hours: determine the amount paid per diy, multiply by the number of days applicable to each pay period, Annual salary: $48,000/(525) $48.000/260_$184.61538 (rounded to 5 decinal points) per day. Once you have the holiday pay, subtract it from their salary for the period for regular time. Employees are paid for the following holidays occurring during the final quarter . Thanksgiving day and the day after, Thursday and Friday, November 26 27 . Christmas, which is a Friday. Employees receive holiday pay for Thursday, December 24. and Friday, December 25. For the completion of this project, the following information can be located in Appendix C. Students will use the percentage method for federal income tax Employees 401(k) and insurance are pre tax for federal income tax. The SUTA (UD) rate for Wayland Custom Woodworking is 3.25% on the first $32.500. There is an additional 05 for Career Enhancement Program (CEP). Neither of these has deductions for Section 125 or 401(k) contributions by the employee No employee has additional information in Step 4 of their WA, all W-4s were received in 2020, no box 2c has been checked. Federal Unemployment Rate employer only) Semimonthly Federal Percentage Method for manual payroll Tax Table State Unemployment Rate employer only) Career Enhancement Program 0.6 on the first $7,000 of wages Appendix 3.25% on the first $32.500 of wages 0.05% on the first $3.500 of wages line d. The At SIFON data 415 O e MOLAS 153 of 229 a JA 6 Job title: Craftsman SSN: 017559951 01 Coope Stevon Cooper Single: None 2215 Lands End Drive Nonesempi $62.000/year Glenbrook, NV 89413 7755559981 Start Date: 10/1/2020 SSN: 022-66-1131 02 HSSO Job title: Craftsman Leonard Hop 333 Engine House Circle Glenbrook NV 89413 775555 585 Single: 1 Other Nonexempt $51.500/year Start Date: 10/1/2020 SSN: 11-22-6698 Job title: Purchasing/Shipping H16 Voluntary deductions for each employee are as follows: Name Deduction Chinson Insurance: $50/paycheck 401(k): 3 of gross pay Wayland Insurance: $75/paycheck 401(k): 6% of gross pay Peppinico Insurance: $75/pwcheck 401(KX $50 per paycheck Cooper Insurance: 55/paycheck 9620364273666619 t th Map ON SA Taswid1416 mm 153 of 229 > o Chinson Insurance: $50/paycheck 401X3% of gross pay Insurance: 575/paycheck Wayland Peppinico Cooper 401(k) 6% of gross pay Insurance $75/paycheck 401(k) $50 per paycheck Insurance $50/payeheck 401(k): 4% of gross pay Insurance: $75/paycheck 401(k): 3 of gross pay Insurance $50/paycheck 401(k) 3 of gross pay Hissop Student 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 00: 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 775.556 1211. you were born July 16, 1985. your Nevada driver's license number is 168575381914 expiring in 7/2024, and your Social Security number is 555-555555. You are nonexempt and paid at a rate of $42.000 per year. Complete Form W4 and using the given information, complete the 19 form to start your employee file. Complete it as if you are single with no dependents or other income, you contribute percent to a 40, and alth insurance is $50 per pay period. The balance sheet for WCW as of September 30, 2020, is as follows Page 382 leur Wayland Custom Woodworking Balance Sheet November 30, 2020 Assets Liabilities & Equiry Cash $ 1.075.434.83 Accounts Payable $ 112,747.25 13,834.07 Supplies Office Equipment Inventory 55.27 3.967.36 Vehicle 42.240.11 Salaries and Wages Payable 87.250.00 Federal Unemployment Tax Payable 167.099.00 Social Security Tax Payable 25,000.00 Medicare Tax Payable State Unemployment Tax Payable 164.000,00 Career Enhancement Program Payable Employee Federal Income Tax Payable 927.88 Accumulated Depreciation Vehicle 1.064.20 16,38 Building Accumulated Depreciation. Building 1.831.76 Land 1.203.14 35.750.00 401(k) Contributions Payable S1,896.773.94 Employee Medical Premiums Payable Total Assets 750.00 Notes Payable 210.376.62 Total Liabilities 346.773.94 Owners' Equity 1.250,000.00 Retained Earnings Total Equin 1.250,000.00 Total Liabilities and Equin $1.596.773.94 Sudionicamamlanan memberi Students will complete the payroll for the final month of 2020 and will file the fourth quarter and annual tax reports on the Pape 400 appropriate dates. Wayland Custom Woodworking is located at 12850 Old Highway 50. Glenbrook, Nevada, 89413, phone number 775-555-9877. The owner is Mark Wayland. Wayland's EIN is 91-74445331. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the percentage method. Rounding can create a challenge. For these exercises, the rate for the individuals is not rounded. 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 5 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. 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 21, 2020. Any hours worked in excess of 88 hours during this pay period are considered overtime for nonexempt employees, The hours for the employees are as follows: Hourly Rate or Period Wage Name (round to 5 decimals) Pay Period Hours 12/01 - 12/15 Regular (round to 2 Overtime (round to 2 Holiday (round to 2 decimals) decimals) decimals) Comunission Chinson $1,680,00 88 hours (exempt) 88 hours (exempt) Wayland Peppinico 88 hours (exempt) Cooper 92 hours Hissop 88 hours Student 91 hours December Sunday Monday Tuesday Wednesday Thursday Friday Saturday A C Complete the Payroll Register for December 15. Round wages to five decimal points and all other final answers to two decimal points. Page 401 Run Date Company Name Wayland Custom Woodworking P/R Date Hourly Rate or Period Status Dependents Wage Taxable Wages Taxable for Wages Gross Federal for Commissions Earnings Insurance 401(k) W/H FICA No. of No. of No, of Regular Overtime Holiday Hours Hours Hours Filing Name Anthony Chinson Mark Wayland Sylvia Peppinico > Stevon Cooper Leonard Hissop Student Total Taxable Wages for Federal Taxable Wages for Social Security Medicare State WH Federal Union Net Check Total Taxable Wages Taxable for Wages Federal for W/H FICA Social Security Medicare Tax W/H State W/H Tax Federal W/H Net Gross Earnings Union Dues Check No. Name Pay Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop Student Total / General Journal Entries Complete the General Journal entries as follows: 15-Dec Journalize employee pay including the issuance of paychecks (use one entry for all checks). 15-Dec Journalize employer payroll tax for the December 15 pay date. 21-Dec Journalize payment of payroll to employees. Total General Journal Entries Complete the General Journal entries as follows: 15 Dec Journalize employee pay including the issuance of paychecks (use one entry for all checks). 15-Dec Joumalize employer payroll tax for the December 15 pay date. 21-Dec Journalize payment of payroll to employees. Post all journal entries to the appropriate General Ledger accounts. Pape 402 Date Description Post Ref. Debit Credit December 31 December 31 The final pay period of the year will not be paid to employees until January 5, 2021. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be an accrual. No reversing entry is needed because that would occur during the first pay period of the next calendar year. The company pays for Christmas Eve and the day or Christmas for 2020. Employees will be paid for both Thursday and Friday as holiday pay 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 W2 and W.3 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 hours for the employees are as follows: Hourly Rate or Period Wage Pay Period Hours 12/16- Regular (round to 2 Overtime (round to (round to 5 decimals) 12/31 decimals) 2 decimals) Holiday (round to 2 decimals) Name Commission Chinson 96 hours (exempt - 16 hours Holiday) SL.015.00 Wayland 96 hours (exempt -16 hours Holiday) Peppinico 96 hours (exempt - 16 hours Holiday) Cooper 98 hours (16 Holiday) Hissop 97 hours (16 Holiday) Student 99 hours (16 Holiday candela non det Run Date Company Name Wayland Custom Woodworking P/R Date Hourly Rate or Filing Period Status Dependents Wage No. of No. of No. of Regular Overtime Holiday Hours Hours Hours Taxable Wages Taxable for Wages Gross Federal for Commissions Earnings Insurance 401(k) W/H FICA Name Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop Student Total Taxable Wages for Federal W/H Taxable Wages for FICA Social Security Medicare Tax W/H Federal WH State W/H Tax Net Union Dues Check No. Pay Name Gross Earnings Amhamsa Leonard Hissop Student Total Taxable Wages for Federal W/H Taxable Wages for FICA Social Security Medicare W/H State W/H Tax Federal W/H Net Gross Earnings Union Dues Check No. Name Tax Pay Anthony Chinson Mark Wayland Sylvia Peppinico . Stevon Cooper Leonard Hissop Student Total General Journal Entries Complete the General Journal entries as follows: General Journal Entries Complete the General Journal entries as follows: 31-Dec Accrue employee pay including the issuance of paychecks (use one entry for all cheeks). Accrue employer payroll tax for the December 31 pay date. 31 Dec Post all journal entries to the appropriate General Ledger accounts. Page 404 Date Description Post Ret Post Ref. Debit Credit Form 941 for 2020: Employer's QUARTERLY Federal Tax Return 950117 OMB No. 1545-0029 Rex. January 2020) Department of the Treasury inter Revenue Service Employer identification number EN Name of your trade name Report for this Quarter of 2020 (Check one.) 3.1: January, February, March 2 April May June 3: July August September 4 October November December Go to www.irs.govForm941 for instructions and the latest information Trade name of any Address Number Sot Some from me F.com For couny Foror province county For Code Read the separate instructions before you complete Form 941. Type or print within the boxes Part 1: Answer these questions for this quarter. 1 Number of employees who received wages, tips, or other compensation for the pay period including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) 1 2 Wages, tips, and other compensation 3 3 Federal income tax withheld from wages, tips, and other compensation Check and go to line 6 4 If no wages, tips, and other compensation are subject to social security or Medicare tax Column 1 Column 2 5a Taxable social security wages 19 1241 5b Taxable social security tips x 0.124 . 0.029 50 Taxable Medicare wages & tips. 5d Taxable wages & tips subject to Additional Medicare Tax withholding X 0.009 5e 50 Add Column 2 from lines a, 5b, 5c, and 5d S Section 3121) Notice and Demand Tax due on unreported tips (noe instructions) 54 Total taxes before adjustments. Add lines 3, 5e, and 57 6 7 Current quarter's adjustment for tractions of cents 7 8 Current quarter's adjustment for sick pay . Current quarter's adjustments for tips and group-term life insurance 9 . 10 Total taxes after adjustments. Combine lines 6 through 9 10 11 Qualified small business payroll tax credit for increasing research activities. Attach Form 8974 11 12 Total taxes after adjustments and credits. Subtractine 11 from line 10 12 13 Total deposits for this quarter, including overpayment applied from a prior quarter and overpayments applied from Form 941-X 941-X (PR), 944-X, or 041-X (SP) filed in the current quarter 13 14 Balance due. If line 12 is more than line 13, enter the difference and see instructions 14 Check one wyn so re 15 Overpayment. I ane 13 s more than line 12. enter the difference You MUST complete both pages of Form 941 and SIGN IL For Privacy Act and Paperwork Reduction Act Notice, see the back of the Payment Voucher. Internal Revenue Service Cat No. 17001Z Forn 941 v. 1-2000 Page 950217 Nane porou raderime Employer cation number (IN Part 2 Tell us about your deposit schedule and tax liability for this quarter. If you are unsure about whether you are a monthly schedule depositor or a semiweekly schedule depositor, see section 11 of Pub. 15. 16 Checkonie Line 12 on this return is less than $2.500 or line 12 on the return for the prior quarter was less than $2.000, and you didn't incur a $100.000 ment-day deposit obligation during the current quarter fine 18 for the prior wrth 500 but ne 12 on this retum is $100.000 or more you must provde a record of your federality, you mosche deposito complete the deposit schade blow you wely schede decidir amach Schedule 1 Go to Part 3 You were a monthly schedule depositor for the entire quarter. Enter your tax lability for each month and total Hability for the quarter, then go to Part 3 Tax liability Month 1 Month 2 Tax Month Month 2 Month Total Bobity for quarter Total must equal line 12 You were alweekly schedule onostor for any part of this quarter. Corretorm et Low Schedules, and hit to Fon 041 Parta: Tell us about your business. If a question does NOT apply to your business, leave it blank. 17 your business has cloned of you stopped paying was Check yo old w 10 you are a son amployer and you don't have to file a return for every quarter of the year Check her Part 4 May we speak with your third-party designe? low memoloves and tax preparer.nother person to discussion with the IRS Seibutors IL Y Olame and the numb Select a dat Personal demotion Number PN werking to the DOO NA Part 5 Sign here. You MUST complete both pages of Form 941 and SIGNI penat NE und THEW wed och Pt your name here Sign your name here Prvyow title here inowe X Date BIHARI Paid Preparer Use Only Best daytime phone Check if you are loved PTA Pro m'e . EIN Phone Ad CH Scala DP. 41 2 IS DIA