Required information (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, Wayland's 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 (24) 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 26 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 Varden's 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 / (525) - $24,000 / 260 - $9230769 (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 28-29 . 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 $175.ee per allowance claimed 0.6% on the first $7,00e of wages Federal Withholding Allowance (less 401(k), Section 125) Federal Unemployment Rate (employer only) (less Section 125) Semimonthly Federal Percentage Method Tax Table State Unemployment Rate (employer only) (less Section 125) State Withholding Rate (less 401(k), Section 125) Appendix Table #3 2.6% on the first $35, 380 of wages See Utah Schedule 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 Wayland's staff: Employee Number ee-Chins Name and Address Anthony Chinson 530 Sylvann Avenue Logan, UT 84321 435-555-1212 Job title: Account Executive Payroll information Married, 1 Withholding allowance Exempt $24,000/year + commission Start Date: 19/1/2019 SSN: 511-22-3333 80-Wayla Mark Wayland 1570 Lovett Street Logan, UT 84321 435-555-1110 Job title: President/Owner Married, 5 withholding allowances Exempt $75,000/year Start Date: 10/1/2019 SSN: 585-33-1775 01-Peppi Sylvia Peppinico 291 Antioch Road Logan, UT 84321 435-555-2244 Job title: Craftsman Married, 7 withholding allowances Exempt $43,500/year Start Date: 10/1/2019 SSN: 047-55-9951 01-Varde Stevon Varden 333 Justin Drive Logan, UT 84321 435-555-9981 Job title: Craftsman Married, 2 withholding allowances Nonexempt $42,000/year Start Date: 10/1/2019 SSN: 022-66-1131 02-Hisso Leonard Hissop 531 5th Street Logan, UT 84321 435-555-5858 Job title: Purchasing/Shipping Single, 4 withholding all Nonexempt $49,580/year Start Date: 10/1/2019 SSN: 311-22-6698 00-Succe Student Success 1650 South Street Logan, UT 84321 435-556-1211 Job title: Accounting Clerk Single, 1 withholding a Nonexempt $36, 000/year Start Date: 10/1/2019 SSN: 555-55-5555 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 bom 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 $1,885,722.16 Accounts Payable $ 112,640.22 Supplies 42,240.12 Salaries and Wages Payable 10,588.46 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, State Unemployment Tax Payable 674.99 Vehicle Employee Federal Income Tax Building 164,000.00 1,501.38 Payable Accumulated Depreciation, Employee State Income Tax Payable 1,168.92 Building 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 hensive Payroll Project Chinson Wayland Deduction Insurance: $50/paycheck 401(k): 3% of gross pay Insurance: $75/paycheck 401(k): 6% of gross pay Insurance: $75/paycheck 401(k): $50 per paycheck Insurance: $50/paycheck 401(k): 4% of gross Peppinico Varden pay Hissop Insurance: $75/paycheck 401(k): 3% of gross pay Insurance: $50/paycheck 401(k): 3% of gross pay Student For additional instructions on how to navigate and work through through Part 1 of this project, please download the student project guide here. Required: 2. Complete the payroll process for Wayland Custom Woodworking's last two pay periods of the fourth quarter. Please note that you must carry the ending balance from each account in the December 15 General Ledger to the following period's General Ledger to the input boxes titled "Ending account balance from the prior period before posting the payroll journal entries from the current period to the Ledger Required: 2. Complete the payroll process for Wayland Custom Woodworking's last two pay periods of the fourth quarter. Please note that you must carry the ending balance from each account in the December 15 General Ledger to the following period's General Ledger to the input boxes titled "Ending account balance from the prior period' before posting the payroll journal entries from the current period to the Ledger For additional instructions on how to carry information from one pay period General Ledger to another along with a guided walkthrough example of this process, refer to the project user guide in the project information section above. Sunday Monday December Tuesday Wednesday Thursday Friday Saturday December 15 December 15 is the end of the first pay period for the month of December Employee pay will be disbursed on December 19, 2019 Remember that the employees are paid on a semimonthly basis. Compute the net pay and update the Employees' Earnings Records with the December 15 pay and the new YTD information. Any hours worked in excess of 80 hours during this pay period are considered overtime for nonexempt employees Complete the Employee Gross Pay tab. . Complete the Payroll Register for December 15 Pay Employee pay will be disbursed on December 19, 2019 Refer to the Employee Earning Record Forms for each employee for the current YTD amounts after you have completed the December 15 Payroll Register and update each EERF with the amounts from the current period. YTD amounts from the previous four pay periods of the fourth quarter are shown for each employee Complete the General Journal entries for the December 15 payroll Post the journal entries to the General Ledger Amounts for the ledger accounts from the previous four pay periods of the fourth quarter are shown. December 31 The final pay period of the year will not be paid to employees until January 3, 2020. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year. The company pays for Christmas Eve and the day of Christmas for 2019. Employees will be paid for both Tuesday and Wednesday as holiday pay. Standard time for the pay period was 96 hours, but employees worked extra hours on Saturday during the week of 12/23- 12/27. Reminder, holidays and vacations are not included as hours worked for calculation of overtime Complete the Employee Gross Pay tab Complete the Payroll Register for December 31 Complete the General Journal entries for the December 31 payroll . Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger Required information . Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger Answer is not complete. Complete the question by filling in all answers in the tabs below. Employee Gross Day Payroll Register General Journal General Ledger Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. (Round your answers to 2 decimals.) Show less Regular Holiday Overtime Commission Hourly Rate (Rounded to 5 Decimals) Last Name Pay Period Hours 12/16 12/31 196 hours exempt - 16 hours 200.00 $ 1,015 00 11 53846 Chinson Holiday) $ Wayland 800.00 $ 2,500.00 $ 1.450 00 $ 1,608.92 1,896 24 $ 1,379 08 36.05770 96 hours (exempt - 16 hours Holiday) 20 9134696 hours (exempt - 16 hours Holiday) 20.19231 9 8 hours (16 Holiday) 23.79808 9 7 hours (16 Holiday) 17.30769 99 hours (16 Holiday) Peppinico Varden $ $ $ 60,58 35.70 7788 $ $ $ 625 00 362,50 329 54 388 38 282.46 Hissop Success Payroll Register > KEGIAS W , ore Fotos Baloder. Urport roman browser molt lavontes ive Payroll Project Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Required information Complete the question by filling in all answers in the tabs below. General Employee Gross pay General Journal Register Complete the payroll register for the December 31 pay period. (Round your answers to 2 decimal places.) Run Date Payroll End Date 12/31/2019 12/31/2019 Company Name: Check Date Wayland Custom Woodworking 01/ 02020 Wages for 401) Tere Wages for FICA Hourly Consions Name Holiday Hours 1600 $ 000 $ 0.00 $ 0.00 000 Anthony Chinson Mark Wayland Sylvia Peppinice Steven Varden Leonard Hissop Student Success Totals 1 511 53846 3605770 120 91 46 M 20.19231 S423 7B S 1 23 79008 000 000 0.00 $ 0.00 $ 0.00 State Net Pwy Check Wages for Name Cross Earning TTOM 11 Anthony Cinson Mark Wayland Sylvia Pepinico Steven Vaden Leonard Hip dent Success 17469 17490 174591 G 00 5 of 6 Required information (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, Wayland's 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 (24) 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 26 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 Varden's 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 / (525) - $24,000 / 260 - $9230769 (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 28-29 . 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 $175.ee per allowance claimed 0.6% on the first $7,00e of wages Federal Withholding Allowance (less 401(k), Section 125) Federal Unemployment Rate (employer only) (less Section 125) Semimonthly Federal Percentage Method Tax Table State Unemployment Rate (employer only) (less Section 125) State Withholding Rate (less 401(k), Section 125) Appendix Table #3 2.6% on the first $35, 380 of wages See Utah Schedule 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 Wayland's staff: Employee Number ee-Chins Name and Address Anthony Chinson 530 Sylvann Avenue Logan, UT 84321 435-555-1212 Job title: Account Executive Payroll information Married, 1 Withholding allowance Exempt $24,000/year + commission Start Date: 19/1/2019 SSN: 511-22-3333 80-Wayla Mark Wayland 1570 Lovett Street Logan, UT 84321 435-555-1110 Job title: President/Owner Married, 5 withholding allowances Exempt $75,000/year Start Date: 10/1/2019 SSN: 585-33-1775 01-Peppi Sylvia Peppinico 291 Antioch Road Logan, UT 84321 435-555-2244 Job title: Craftsman Married, 7 withholding allowances Exempt $43,500/year Start Date: 10/1/2019 SSN: 047-55-9951 01-Varde Stevon Varden 333 Justin Drive Logan, UT 84321 435-555-9981 Job title: Craftsman Married, 2 withholding allowances Nonexempt $42,000/year Start Date: 10/1/2019 SSN: 022-66-1131 02-Hisso Leonard Hissop 531 5th Street Logan, UT 84321 435-555-5858 Job title: Purchasing/Shipping Single, 4 withholding all Nonexempt $49,580/year Start Date: 10/1/2019 SSN: 311-22-6698 00-Succe Student Success 1650 South Street Logan, UT 84321 435-556-1211 Job title: Accounting Clerk Single, 1 withholding a Nonexempt $36, 000/year Start Date: 10/1/2019 SSN: 555-55-5555 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 bom 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 $1,885,722.16 Accounts Payable $ 112,640.22 Supplies 42,240.12 Salaries and Wages Payable 10,588.46 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, State Unemployment Tax Payable 674.99 Vehicle Employee Federal Income Tax Building 164,000.00 1,501.38 Payable Accumulated Depreciation, Employee State Income Tax Payable 1,168.92 Building 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 hensive Payroll Project Chinson Wayland Deduction Insurance: $50/paycheck 401(k): 3% of gross pay Insurance: $75/paycheck 401(k): 6% of gross pay Insurance: $75/paycheck 401(k): $50 per paycheck Insurance: $50/paycheck 401(k): 4% of gross Peppinico Varden pay Hissop Insurance: $75/paycheck 401(k): 3% of gross pay Insurance: $50/paycheck 401(k): 3% of gross pay Student For additional instructions on how to navigate and work through through Part 1 of this project, please download the student project guide here. Required: 2. Complete the payroll process for Wayland Custom Woodworking's last two pay periods of the fourth quarter. Please note that you must carry the ending balance from each account in the December 15 General Ledger to the following period's General Ledger to the input boxes titled "Ending account balance from the prior period before posting the payroll journal entries from the current period to the Ledger Required: 2. Complete the payroll process for Wayland Custom Woodworking's last two pay periods of the fourth quarter. Please note that you must carry the ending balance from each account in the December 15 General Ledger to the following period's General Ledger to the input boxes titled "Ending account balance from the prior period' before posting the payroll journal entries from the current period to the Ledger For additional instructions on how to carry information from one pay period General Ledger to another along with a guided walkthrough example of this process, refer to the project user guide in the project information section above. Sunday Monday December Tuesday Wednesday Thursday Friday Saturday December 15 December 15 is the end of the first pay period for the month of December Employee pay will be disbursed on December 19, 2019 Remember that the employees are paid on a semimonthly basis. Compute the net pay and update the Employees' Earnings Records with the December 15 pay and the new YTD information. Any hours worked in excess of 80 hours during this pay period are considered overtime for nonexempt employees Complete the Employee Gross Pay tab. . Complete the Payroll Register for December 15 Pay Employee pay will be disbursed on December 19, 2019 Refer to the Employee Earning Record Forms for each employee for the current YTD amounts after you have completed the December 15 Payroll Register and update each EERF with the amounts from the current period. YTD amounts from the previous four pay periods of the fourth quarter are shown for each employee Complete the General Journal entries for the December 15 payroll Post the journal entries to the General Ledger Amounts for the ledger accounts from the previous four pay periods of the fourth quarter are shown. December 31 The final pay period of the year will not be paid to employees until January 3, 2020. The company will accrue the wages for the final pay period only. Because the pay period is complete, there will not be a reversing entry for the accrual. As a result, paychecks will not be issued for this pay period since they will be paid in the following year and reflected on the Employee Earning Record forms for each employee when paid. The remainder of the employer liability will be paid with the final filing for the year. The company pays for Christmas Eve and the day of Christmas for 2019. Employees will be paid for both Tuesday and Wednesday as holiday pay. Standard time for the pay period was 96 hours, but employees worked extra hours on Saturday during the week of 12/23- 12/27. Reminder, holidays and vacations are not included as hours worked for calculation of overtime Complete the Employee Gross Pay tab Complete the Payroll Register for December 31 Complete the General Journal entries for the December 31 payroll . Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger Required information . Update the General Ledger with the ending ledger balances from the December 15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger Answer is not complete. Complete the question by filling in all answers in the tabs below. Employee Gross Day Payroll Register General Journal General Ledger Compute the gross earnings for regular, overtime, and holiday pay for each employee for the December 31 pay period. Remember that while an hourly rate is shown for all employees, the period pay for exempt employees should be calculated by taking their yearly salary and dividing it by the number of semimonthly pay periods in a year, which should then be split between the number of hours considered regular time and holiday time. The pay rates for each employee have been given from the prior period. (Round your answers to 2 decimals.) Show less Regular Holiday Overtime Commission Hourly Rate (Rounded to 5 Decimals) Last Name Pay Period Hours 12/16 12/31 196 hours exempt - 16 hours 200.00 $ 1,015 00 11 53846 Chinson Holiday) $ Wayland 800.00 $ 2,500.00 $ 1.450 00 $ 1,608.92 1,896 24 $ 1,379 08 36.05770 96 hours (exempt - 16 hours Holiday) 20 9134696 hours (exempt - 16 hours Holiday) 20.19231 9 8 hours (16 Holiday) 23.79808 9 7 hours (16 Holiday) 17.30769 99 hours (16 Holiday) Peppinico Varden $ $ $ 60,58 35.70 7788 $ $ $ 625 00 362,50 329 54 388 38 282.46 Hissop Success Payroll Register > KEGIAS W , ore Fotos Baloder. Urport roman browser molt lavontes ive Payroll Project Check my work mode: This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Required information Complete the question by filling in all answers in the tabs below. General Employee Gross pay General Journal Register Complete the payroll register for the December 31 pay period. (Round your answers to 2 decimal places.) Run Date Payroll End Date 12/31/2019 12/31/2019 Company Name: Check Date Wayland Custom Woodworking 01/ 02020 Wages for 401) Tere Wages for FICA Hourly Consions Name Holiday Hours 1600 $ 000 $ 0.00 $ 0.00 000 Anthony Chinson Mark Wayland Sylvia Peppinice Steven Varden Leonard Hissop Student Success Totals 1 511 53846 3605770 120 91 46 M 20.19231 S423 7B S 1 23 79008 000 000 0.00 $ 0.00 $ 0.00 State Net Pwy Check Wages for Name Cross Earning TTOM 11 Anthony Cinson Mark Wayland Sylvia Pepinico Steven Vaden Leonard Hip dent Success 17469 17490 174591 G 00 5 of 6