Please help! I need help with this and no one has helped me!!
Ampersand, Inc., is a small business that operates in Somerset, VT. The company is located at 732 Appalachian Way, Somerset, VT 05363. Its federal and state identification numbers are 12-3456789, its state unemployme number is 2222222, and its president, who signs all tax forms, is Stacey Jones (telephone #802-555-3917). Th business does not wish to name a 3rd party designee on forms. Within QuickBooks the industry associated wi the company is General Business Service and the business type is Corporation. Ampersand, Inc., is on a weekly payroll schedule. During 2016 four individuals are employed by Ampersand, Inc. These employees are as follows. Social Federal W/H State W/H Marital Name Address Security # Allowances Allowances Status William Finnegan 7 Smith Boulevard 999-99-9999 2 2 Married Somerset, VT 05363 Maggie Hough 13 Spruce Street 222-22-2222 Single Somerset, VT 05363 Stacey Jones 81 10 Browning Place 555-55-5555 2 Single Somerset, VT 05363 Francine Stewart 101 Park Court 888-88-8888 3 3 Married Somerset, VT 053637. Based on the QuickBooks reports previously generated, complete Copy A of Form W2 for each of the four employees using the blank PDF form available in the Student Exercise Files download from the Learning Resource Center (labyrinthelab.com/lrc). State wages were the same as federal wages for each of the four employees, and the state identication number for Ampersand, Inc., is the same as its federal Employer Identication Number. 8. Based on the QuickBooks reports previously generated, complete Form W3 for Ampersand, Inc. Note that the company les the paper version of the form and selects "None apply\" in the Kind of Employer section. Social Federal W/H State W/H Marital Name Address Security # Allowances Allowances Status William Finnegan 7 Smith Boulevard 999-99-9999 2 2 Married Somerset, VT 05363 Maggie Hough 13 Spruce Street 222-22-2222 - 7 Single Somerset, VT 05363 Stacey Jones 81 10 Browning Place 555-55-5555 2 Single Somerset, VT 05363 Francine Stewart 101 Park Court 888-88-8888 3 3 Married Somerset, VT 05363 Note that Francine Stewart was hired in September, and her first day of work was Monday, September 26. Additionally, due to an economic downturn, Maggie Hough was laid off in late November, with her last day of work on Friday, November 25.All employees of Ampersand, Inc., work a regular 40-hour workweek, receive overtime pay at a rate of 1.5 times the regular wage rate, and are paid weekly on Wednesday for the prior week (which runs from Monday through Sunday, although employees never work on weekends). The SUTA tax rate applicable to Ampersand, Inc., is 2.5%, while the SUTA wage base in Vermont is $16,800. Earnings and voluntary deduction information for each of the four employees is as follows. Regular Annual Weekly 401(k) Weekly Charitable Name Wage Rate Salary Deduction Contribution William Finnegan $18/hour N/A 4% of gross pay $5 Maggie Hough $14/hour N/A 5% of gross pay $10 Stacey Jones N/A $262,000.44 N/A $15 Francine Stewart N/A $94,000.40 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 9/30/2016. Note that retirement deductions are made in association with the Franklin Insurance Agency. Quarterly payroll data for each of the four employees is as follows.William Finnegan Gross Federal State Social Medicare 401(k) Charitable Quarter Earnings Income Tax Income Tax Security Tax Tax Deduction Cont. 1st quarter $9,360.00 $494.00 $449.28 $580.32 $135.72 $374.40 $65.00 2nd quarter $9,360.00 $494.00 $449.28 $580.32 $135.72 $374.40 $65.00 3rd quarter $9,360.00 $494.00 $449.28 $580.32 $135.72 $374.40 $65.00 Maggie Hough Gross Federal State Social Medicare 401(k) Charitable Quarter Earnings Income Tax Income Tax Security Tax Tax Deduction Cont. 1st quarter $7,280.00 $689.00 $345.80 $451.36 $105.56 $364.00 $130.00 2nd quarter $7,280.00 $689.00 $345.80 $451.36 $105.56 $364.00 $130.00 3rd quarter $7,280.00 $689.00 $345.80 $451.36 $105.56 $364.00 $130.00Maggie Hough Gross Federal State Social Medicare 401(k) Charitable Quarter Earnings Income Tax Income Tax Security Tax Tax Deduction Cont. 1st quarter $7,280.00 $689.00 $345.80 $451.36 $105.56 $364.00 $130.00 2nd quarter $7,280.00 $689.00 $345.80 $451.36 $105.56 $364.00 $130.00 3rd quarter $7,280.00 $689.00 $345.80 $451.36 $105.56 $364.00 $130.00 Stacey Jones Gross Federal State Social Medicare 401(k) Charitable Quarter Earnings Income Tax Income Tax Security Tax Tax Deduction Cont. 1st quarter $65,500.11 $16,643.90 $3,274.96 $4,061.07 $949.78 $0 $195.00 2nd quarter $65,500.11 $16,643.90 $3,274.96 $3,285.93 $949.78 $0 $195.00 3rd quarter $65,500.11 $16,643.90 $3,274.96 $0 $949.78 $0 $195.00Francine Stewart Gross Federal State Social Medicare 401(k) Charitable Quarter Earnings Income Tax Income Tax Security Tax Tax Deduction Cont. 1st quarter $0 $0 $0 $0 $0 $0 $0 2nd quarter $0 $0 $0 $0 $0 $0 $0 3rd quarter $1,807.70 $188.23 $88.58 $112.08 $26.21 $36.15 $0 Note that all tax payments and filings are made on the due date and that the company is a monthly depositor. Based on the data provided here, you will complete the following: 1. Within QuickBooks, process payroll for the 4th quarter (October through December) for each of the four employees. Note that as of November 28, Stacey Jones requests that her federal withholding allowances decrease from two to one. (Ampersand, Inc., makes this change.) Payroll checks are remitted to the employees in the same order (Finnegan, Hough, Jones, Stewart) each pay period and are written from a bank account that is used solely for these payments. This bank account has been established within QuickBooks to reflect a balance of $146,000 at the beginning of October. The first payroll check written in October is check #4711.1. Within QuickBooks, process payroll for the 4th quarter (October through December) for each of the four employees. Note that as of November 28, Stacey Jones requests that her federal withholding allowances decrease from two to one. (Ampersand, Inc., makes this change.) Payroll checks are remitted to the employees in the same order (Finnegan, Hough, Jones, Stewart) each pay period and are written from a bank account that is used solely for these payments. This bank account has been established within QuickBooks to reect a balance of $146,000 at the beginning of October. The rst payroll check written in October is check #4711. Employees may be subject to additional Medicare tax. You must calculate this and enter the deduction on the paycheck. Furthermore, you must verify the employer taxes calculated on each paycheck and adjust the amounts if needed. Note that all charitable contributions are deemed to be made on the nal day of each pay period. The following information will be required for the processing of payroll for the two employees who are compensated with an hourly wage. Weekly Hours Worked Weekly Hours Worked Weekly Start William Maggie Weekly Start William Maggie Date Finnegan Hough Date Finnegan Hough September 26 40 40 November 14 40 39 October 3 44 40 November 21 34.5 41 October 10 37 42 November 28 40 0 October 17 40 38 December 5 41 0 October 24 46.5 40 December 12 43.5 0 October 31 42 43.5 December 19 42.5 0 November 7 45 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.. Within QuickBooks, create a Payroll Report that summarizes payroll for the 3rd quarter (JulySeptember). Export this report to Microsoft Excel and complete Form 941 for the 3rd quarter. Assume that the employees earned the same amount during each pay period of the 3rd quarter and that there were four, ve, and four pay periods during the months of July, August, and September, respectively. Note that based on the lookback period, the company is a monthly depositor that made timely payments throughout the entire year. Although Vermont quarterly state payroll forms are also led by Ampersand, Inc., you will not complete these. . Within QuickBooks, create three Payroll Reports that summarize payroll data for each of the three months (OctoberDecember) of the 4th quarter (in the same manner that a payroll register summarizes such data). Export these three reports to Microsoft Excel. . Within QuickBooks, create a Payroll Report that summarizes payroll data for the 4th quarter (October December). Export this report to Microsoft Excel. Then complete Form 941 for the 4th quarter. Note that based on the lookbaclc period, the company is a monthly depositor that made timely payments throughout the entire year. Although Vermont quarterly state payroll forms are also led by Ampersand, Inc., you will not complete these. . Within QuickBooks, create a Payroll Report that summarizes payroll data for the entire year. Export the report to Microsoft Excel. Then complete Form 940 for Ampersand, Inc. Note that 401(k) deductions are taxable for FUTA and 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). . Calculate total SUTA tax owed by the employer. Although Ampersand, Inc., will le state forms in which this gure is reported, you are required to calculate only the total amount owed for the year and provide it to your instructor via a Microsoft Excel le
