Show me the steps to solve $00-$Succe Student Success

$16$ Kelly Circle number $2$

Glenbrook, NV $89413$

$775-556-1211$

Job title: Accounting Clerk Single; None

Nonexempt

$$42,000$ per year

Start Date: $10/1/2023$

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 $2$ as the new accounting clerk. Your employee number is $00-$SUCCE. Your name is Student Success. Your address is $16$ Kelly Circle number $2,$ Glenbrook, NV $89413.$ Your phone number is $775-556-1211,$ you were born on July $16,2001,$ your Nevada driver$$s license number is $168575381944$ expiring on your birthday in $2027,$ and your Social Security number is $555-55-5555.$ You are nonexempt and paid at a rate of $$42,000$ per year as an accounting clerk.

The balance sheet for WCW as of November $30,2023,$ is as follows:

Wayland Custom Woodworking

Balance Sheet

November $30,2023$

Assets Liabilities & Equity

Cash $ $1,075,351\mathrm{.}27$ Accounts Payable $ $112,747\mathrm{.}25$

Supplies $42,240\mathrm{.}11$ Salaries and Wages Payable $14,120\mathrm{.}74$

Office Equipment $87,250\mathrm{.}00$ Federal Unemployment Tax Payable $60\mathrm{.}37$

Inventory $167,068\mathrm{.}96$ Social Security Tax Payable $4,004\mathrm{.}50$

Vehicle $25,000\mathrm{.}00$ Medicare Tax Payable $936\mathrm{.}58$

Accumulated Depreciation, Vehicle $0\mathrm{.}00$ State Unemployment Tax Payable $952\mathrm{.}68$

Building $164,000\mathrm{.}00$ Career Enhancement Program Payable $16\mathrm{.}15$

Accumulated Depreciation, Building $0\mathrm{.}00$ Employee Federal Income Tax Payable

$1,290\mathrm{.}47$

Land $35,750\mathrm{.}00401($k$)$ Contributions Payable $1,211\mathrm{.}83$

Total Assets $ $1,596,660\mathrm{.}34$ Employee Medical Premiums Payable $750\mathrm{.}00$

Notes Payable $210,569\mathrm{.}77$

Total Liabilities $346,660\mathrm{.}34$

Owners' Equity $1,250,000\mathrm{.}00$

Retained Earnings $0\mathrm{.}00$

Total Equity $1,250,000\mathrm{.}00$

Total Liabilities and Equity $ $1,596,660\mathrm{.}34$

Voluntary deductions for each employee are as follows:

Name Deduction

Chinson Insurance: $$50$ per paycheck $401($k$)$: $3\%$ of gross pay

Wayland Insurance: $$75$ per paycheck $401($k$)$: $6\%$ of gross pay

Peppinico Insurance: $$75$ per paycheck $401($k$)$: $$50$ per paycheck

Cooper Insurance: $$50$ per paycheck $401($k$)$: $4\%$ of gross pay

Hissop Insurance: $$75$ per paycheck $401($k$)$: $3\%$ of gross pay

Success Insurance: $$50$ per paycheck $401($k$)$: $3\%$ of gross pay

EXAMPLE: CALCULATING AN EMPLOYEE'S NET INCOME WITH DEDUCTIONS:

Determine employee gross wages by taking their annual salary and dividing it by the number of pay periods $($$$48,000-$: $24$ pay periods $=$ $$2,000$ per pay period$).$ Or when the employee is nonexempt, take this one step further to determine the hourly rate $($$$48,000-$: $(52$ weeks $\backslash$times $40$ hours per week$))=$ $$23\mathrm{.}07692$ per hour.

Multiply the hourly rate by the number of regular hours worked by hourly employees. $80$ hours $\backslash$times $$23\mathrm{.}07692=$ $$1,846\mathrm{.}15$ in regular wages.

Multiply any overtime worked by the overtime rate. $3$ hours $\backslash$times $$23\mathrm{.}07692\backslash$times $1\mathrm{.}5=$ $$103\mathrm{.}85$ in overtime wages.

Total wages earned: $$1,846\mathrm{.}15+103\mathrm{.}85=$ $$1,950\mathrm{.}00.$

Determine federal and state taxable wages: $$1,95050($insurance$)58\mathrm{.}50(3\%$ of gross for $401($k$)$ plan deduction$)=$ $$1,841\mathrm{.}50.$

Determine FICA taxable wages: $$1,95050($insurance$)=$ $$1,900\mathrm{.}00.$

Find the federal taxes in the appropriate tax table in Appendix C$.$

Multiply the FICA taxable wages by the Social Security rate $(6\mathrm{.}2\%).$

Multiply the FICA taxable wages by the Medicare rate $(1\mathrm{.}45\%).$

Multiply the federal taxable wages by the state tax rate.

Subtract all deductions from gross wages to obtain net income.

For additional instructions on how to navigate and work through through Part $1$ of this project, please download the student project guide here.

Required:

$1.$ Complete the W$-4$ and, using the given information, complete the I$-9$ form to start your employee file. The forms were reviewed by Mark Wayland. Complete it as if you are single with no dependents or other income, 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.