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required: complete the W-4 for Student Success Required information Appendix A Continuing Payroll Project: Wayland Custom Woodworking (1 Month, Part 1) (Static) [The following information
required:
complete the W-4 for Student Success 
Required information
Appendix A Continuing Payroll Project: Wayland Custom Woodworking (1 Month, Part 1) (Static)
[The following information applies to the questions displayed below.]
Wayland Custom Woodworking is 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. Wayland Custom Woodworking is located at 1716 Nichol Street, Logan, Utah, 84321, phone number 435-555-9877. The owner is Mark Wayland. Waylands EIN is 91-7444533, and the Utah Employer Account Number is 99992901685WTH. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the percentage method.
For Part 1 of this project, you will complete payroll for the last month (December) of the fourth quarter (Q4) of 2019, which consists of the final pay periods of the year. Once payroll has been completed for the fourth quarter, you will then file the annual tax forms for Wayland as well as prepare each employee's Form W-2 in Part 2.
The SUTA (UI) rate for Wayland Custom Woodworking is 2.6 percent on the first $35,300. The state withholding rate is 4.95 percent for all income levels, deductions, and marital statuses, a table has been included to assist with calculations of state tax due for employees. No employee will reach the SUTA wage cap.
Rounding can create a challenge. For this project, the hourly rate for the individuals should be rounded to five decimal places. So take their salary and divide by 2,080 (52 weeks at 40 hours per week) for full-time, nonexempt employees.
Example: Annual Salary to Hourly Rate, Nonexempt Employee
Employee Vardens annual salary is $42,000, and he is a nonexempt employee.
Hourly rate = $42,000 / (52 40) = $42,000 / 2,080
Hourly rate = $20.19231 per hour
Example: Period Gross Pay, Salaried Employee
Employee Chinson earns an annual salary of $24,000 and is paid semimonthly.
Period gross pay = $24,000 / 24 = $1,000 gross pay
For pay periods with holiday hours: determine the amount paid per day, multiply by the number of days applicable to each pay.
Annual salary: $24,000 / (52 5) = $24,000 / 260 = $92.30769 (rounded to 5 decimal points) per day.
After the gross pay has been calculated, round the result to only two decimal points prior to calculating taxes or other withholdings.
Employees are paid for the following holidays occurring during the final quarter:
Thanksgiving day and the day after, Thursday and Friday, November 2829.
Christmas, which is a Wednesday. Employees receive holiday pay for Tuesday, December 24, and Wednesday, December 25.
For the completion of this project, refer to the tax-related information in the table below. For federal withholding calculations, use the percentage method tables in Appendix C, which is provided below. For Utah state withholding calculations, use the Utah Schedule 3 tax tables linked below (ensure to use the appropriate Utah table based on each employee's marital status). Both 401(k) and insurance are pre-tax for federal income tax and Utah income tax. Round calculations to get to final tax amounts and 401(k) contributions after calculating gross pay.
Federal Withholding Allowance (less 401(k), Section 125)
$175.00 per allowance claimed
Federal Unemployment Rate (employer only) (less Section 125)
0.6% on the first $7,000 of wages
Semimonthly Federal Percentage Method Tax Table
Appendix C Table #3
State Unemployment Rate (employer only) (less Section 125)
2.6% on the first $35,300 of wages
State Withholding Rate (less 401(k), Section 125)
See Utah Schedule 3, Table A-1 or use the Excel Version of Schedule 3
October 1:
Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Waylands staff:
Employee Number
Name and Address
Payroll information
00-Chins
Anthony Chinson
Married, 1 Withholding allowance
530 Sylvann Avenue
Exempt
Logan, UT 84321
$24,000/year + commission
435-555-1212
Start Date: 10/1/2019
Job title: Account Executive
SSN: 511-22-3333
00-Wayla
Mark Wayland
Married, 5 withholding allowances
1570 Lovett Street
Exempt
Logan, UT 84321
$75,000/year
435-555-1110
Start Date: 10/1/2019
Job title: President/Owner
SSN: 505-33-1775
01-Peppi
Sylvia Peppinico
Married, 7 withholding allowances
291 Antioch Road
Exempt
Logan, UT 84321
$43,500/year
435-555-2244
Start Date: 10/1/2019
Job title: Craftsman
SSN: 047-55-9951
01-Varde
Stevon Varden
Married, 2 withholding allowances
333 Justin Drive
Nonexempt
Logan, UT 84321
$42,000/year
435-555-9981
Start Date: 10/1/2019
Job title: Craftsman
SSN: 022-66-1131
02-Hisso
Leonard Hissop
Single, 4 withholding allowances
531 5th Street
Nonexempt
Logan, UT 84321
$49,500/year
435-555-5858
Start Date: 10/1/2019
Job title: Purchasing/Shipping
SSN: 311-22-6698
00-Succe
Student Success
Single, 1 withholding allowance
1650 South Street
Nonexempt
Logan, UT 84321
$36,000/year
435-556-1211
Start Date: 10/1/2019
Job title: Accounting Clerk
SSN: 555-55-5555
The departments are as follows:
Department 00: Sales and Administration
Department 01: Factory workers
Department 02: Delivery and Customer service
You have been hired as of October 1 as the new accounting clerk. Your employee number is 00-SUCCE. Your name is Student Success. Your address is 1650 South Street, Logan, UT 84321. Your phone number is 435-556-1211, you were born July 16, 1985, your Utah driver's license number is 887743 expiring in 07/16/2024, and your Social Security number is 555-55-5555. You are considered a nonexempt employee, have one withholding allowance, and paid a rate of $36,000 per year.
The balance sheet for WCW as of November 30, 2019, is as follows:
Wayland Custom Woodworking
Balance Sheet
November 30, 2019
Assets
Liabilities & Equity
Cash
$
1,085,722.16
Accounts Payable
$
112,640.22
Supplies
42,240.12
Salaries and Wages Payable
10,508.46
Office Equipment
87,250.00
Federal Unemployment Tax Payable
89.55
Inventory
167,090.00
Social Security Tax Payable
3,219.22
Vehicle
25,000.00
Medicare Tax Payable
752.88
Accumulated Depreciation, Vehicle
State Unemployment Tax Payable
674.99
Building
164,000.00
Employee Federal Income Tax Payable
1,501.38
Accumulated Depreciation, Building
Employee State Income Tax Payable
1,160.92
Land
35,750.00
401(k) Contributions Payable
1,018.66
Total Assets
1,607,061.28
Employee Medical Premiums Payable
750.00
Notes Payable
224,750.00
Utilities Payable
Total Liabilities
357,061.28
Owners' Equity
1,250,000.00
Retained Earnings
-
Total Equity
1,250,000.00
Total Liabilities and Equity
1,607,061.28
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/paycheck
401(k): $50 per paycheck
Varden
Insurance: $50/paycheck
401(k): 4% of gross pay
Hissop
Insurance: $75/paycheck
401(k): 3% of gross pay
Student
Insurance: $50/paycheck
401(k): 3% of gross pay
For additional instructions on how to navigate and work through through Part 1 of this project, please download the student project guide here.
rev: 12_09_2019_QC_CS-193117, 04_17_2020_QC_CS-208815, 05_14_2020_QC_CS-212632
Forms W-4 and I-9 (Static)
Required:
1. Complete the W-4 and, using the given information, complete the I-9 form to start your employee file. Complete it as if you are single with one withholding, you contribute 3 percent to a 401(k), and health insurance is $50 per pay period. The following file provides the lists of acceptable documents for Form I-9.
(NOTE): Further instructions on format can be found on certain cells within the forms. Employer I-9 PG 2 Section should also be completed. Round your intermediate computations to 2 decimal places.
Required information
Appendix A Continuing Payroll Project: Wayland Custom Woodworking (1 Month, Part 1) (Static)
[The following information applies to the questions displayed below.]
Wayland Custom Woodworking is 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. Wayland Custom Woodworking is located at 1716 Nichol Street, Logan, Utah, 84321, phone number 435-555-9877. The owner is Mark Wayland. Waylands EIN is 91-7444533, and the Utah Employer Account Number is 99992901685WTH. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the percentage method.
For Part 1 of this project, you will complete payroll for the last month (December) of the fourth quarter (Q4) of 2019, which consists of the final pay periods of the year. Once payroll has been completed for the fourth quarter, you will then file the annual tax forms for Wayland as well as prepare each employee's Form W-2 in Part 2.
The SUTA (UI) rate for Wayland Custom Woodworking is 2.6 percent on the first $35,300. The state withholding rate is 4.95 percent for all income levels, deductions, and marital statuses, a table has been included to assist with calculations of state tax due for employees. No employee will reach the SUTA wage cap.
Rounding can create a challenge. For this project, the hourly rate for the individuals should be rounded to five decimal places. So take their salary and divide by 2,080 (52 weeks at 40 hours per week) for full-time, nonexempt employees.
Example: Annual Salary to Hourly Rate, Nonexempt Employee
Employee Vardens annual salary is $42,000, and he is a nonexempt employee.
Hourly rate = $42,000 / (52 40) = $42,000 / 2,080
Hourly rate = $20.19231 per hour
Example: Period Gross Pay, Salaried Employee
Employee Chinson earns an annual salary of $24,000 and is paid semimonthly.
Period gross pay = $24,000 / 24 = $1,000 gross pay
For pay periods with holiday hours: determine the amount paid per day, multiply by the number of days applicable to each pay.
Annual salary: $24,000 / (52 5) = $24,000 / 260 = $92.30769 (rounded to 5 decimal points) per day.
After the gross pay has been calculated, round the result to only two decimal points prior to calculating taxes or other withholdings.
Employees are paid for the following holidays occurring during the final quarter:
Thanksgiving day and the day after, Thursday and Friday, November 2829.
Christmas, which is a Wednesday. Employees receive holiday pay for Tuesday, December 24, and Wednesday, December 25.
For the completion of this project, refer to the tax-related information in the table below. For federal withholding calculations, use the percentage method tables in Appendix C, which is provided below. For Utah state withholding calculations, use the Utah Schedule 3 tax tables linked below (ensure to use the appropriate Utah table based on each employee's marital status). Both 401(k) and insurance are pre-tax for federal income tax and Utah income tax. Round calculations to get to final tax amounts and 401(k) contributions after calculating gross pay.
Federal Withholding Allowance (less 401(k), Section 125)
$175.00 per allowance claimed
Federal Unemployment Rate (employer only) (less Section 125)
0.6% on the first $7,000 of wages
Semimonthly Federal Percentage Method Tax Table
Appendix C Table #3
State Unemployment Rate (employer only) (less Section 125)
2.6% on the first $35,300 of wages
State Withholding Rate (less 401(k), Section 125)
See Utah Schedule 3, Table A-1 or use the Excel Version of Schedule 3
October 1:
Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Waylands staff:
Employee Number
Name and Address
Payroll information
00-Chins
Anthony Chinson
Married, 1 Withholding allowance
530 Sylvann Avenue
Exempt
Logan, UT 84321
$24,000/year + commission
435-555-1212
Start Date: 10/1/2019
Job title: Account Executive
SSN: 511-22-3333
00-Wayla
Mark Wayland
Married, 5 withholding allowances
1570 Lovett Street
Exempt
Logan, UT 84321
$75,000/year
435-555-1110
Start Date: 10/1/2019
Job title: President/Owner
SSN: 505-33-1775
01-Peppi
Sylvia Peppinico
Married, 7 withholding allowances
291 Antioch Road
Exempt
Logan, UT 84321
$43,500/year
435-555-2244
Start Date: 10/1/2019
Job title: Craftsman
SSN: 047-55-9951
01-Varde
Stevon Varden
Married, 2 withholding allowances
333 Justin Drive
Nonexempt
Logan, UT 84321
$42,000/year
435-555-9981
Start Date: 10/1/2019
Job title: Craftsman
SSN: 022-66-1131
02-Hisso
Leonard Hissop
Single, 4 withholding allowances
531 5th Street
Nonexempt
Logan, UT 84321
$49,500/year
435-555-5858
Start Date: 10/1/2019
Job title: Purchasing/Shipping
SSN: 311-22-6698
00-Succe
Student Success
Single, 1 withholding allowance
1650 South Street
Nonexempt
Logan, UT 84321
$36,000/year
435-556-1211
Start Date: 10/1/2019
Job title: Accounting Clerk
SSN: 555-55-5555
The departments are as follows:
Department 00: Sales and Administration
Department 01: Factory workers
Department 02: Delivery and Customer service
You have been hired as of October 1 as the new accounting clerk. Your employee number is 00-SUCCE. Your name is Student Success. Your address is 1650 South Street, Logan, UT 84321. Your phone number is 435-556-1211, you were born July 16, 1985, your Utah driver's license number is 887743 expiring in 07/16/2024, and your Social Security number is 555-55-5555. You are considered a nonexempt employee, have one withholding allowance, and paid a rate of $36,000 per year.
The balance sheet for WCW as of November 30, 2019, is as follows:
Wayland Custom Woodworking
Balance Sheet
November 30, 2019
Assets
Liabilities & Equity
Cash
$
1,085,722.16
Accounts Payable
$
112,640.22
Supplies
42,240.12
Salaries and Wages Payable
10,508.46
Office Equipment
87,250.00
Federal Unemployment Tax Payable
89.55
Inventory
167,090.00
Social Security Tax Payable
3,219.22
Vehicle
25,000.00
Medicare Tax Payable
752.88
Accumulated Depreciation, Vehicle
State Unemployment Tax Payable
674.99
Building
164,000.00
Employee Federal Income Tax Payable
1,501.38
Accumulated Depreciation, Building
Employee State Income Tax Payable
1,160.92
Land
35,750.00
401(k) Contributions Payable
1,018.66
Total Assets
1,607,061.28
Employee Medical Premiums Payable
750.00
Notes Payable
224,750.00
Utilities Payable
Total Liabilities
357,061.28
Owners' Equity
1,250,000.00
Retained Earnings
-
Total Equity
1,250,000.00
Total Liabilities and Equity
1,607,061.28
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/paycheck
401(k): $50 per paycheck
Varden
Insurance: $50/paycheck
401(k): 4% of gross pay
Hissop
Insurance: $75/paycheck
401(k): 3% of gross pay
Student
Insurance: $50/paycheck
401(k): 3% of gross pay
For additional instructions on how to navigate and work through through Part 1 of this project, please download the student project guide here.
rev: 12_09_2019_QC_CS-193117, 04_17_2020_QC_CS-208815, 05_14_2020_QC_CS-212632
Forms W-4 and I-9 (Static)
Required:
1. Complete the W-4 for Student Sucess and, using the given information, complete the I-9 form to start your employee file. Complete it as if you are single with one withholding, you contribute 3 percent to a 401(k), and health insurance is $50 per pay period. The following file provides the lists of acceptable documents for Form I-9.
(NOTE): Further instructions on format can be found on certain cells within the forms. Employer I-9 PG 2 Section should also be completed. Round your intermediate computations to 2 decimal places.
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Foundations Of Financial Markets And Institutions
Authors: Franco Modigliani, Frank J. Jones, Michael G. Ferri, Frank J. Fabozzi
3rd Edition
0130180793, 978-0130180797
