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 complete a month of payroll information for Wayland.

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 91-7444533, and the Nevada Employer Account Number is E6462582020-6. Wayland has determined it will pay its employees on a semimonthly basis. Federal income tax should be computed using the percentage method for manual payrolls with Forms W-4 from 2020 or later.

For Part 1 of this project, you will complete payroll for the last month (December) of the fourth quarter (Q4) of 2023, 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.

Note: Rounding can create a challenge. For this project, the hourly rate for the individuals should be rounded to 5 decimal places. Take the employee's salary and divide it by 2,080 (52 weeks at 40 hours per week) for full-time, nonexempt employees. NOTE: Leave the hourly rate rounded to five decimal places as shown in the next example. Afterthe gross pay has been calculated, then round the result to two decimal points before calculating taxes or other withholdings.

Example: Annual Salary to an 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

Example: Period Gross Pay, Salaried Employee

Employee Chinson earns an annual salary of $48,000 and is paid semimonthly.

Period gross pay = $48,000 24 = $2,000 gross pay

For pay periods with holiday hours: determine the amount paid per day, and multiply by the number of days applicable to each pay period.

Annual salary: $48,000 (52 5) = $48,000 260 = $184.61538 (rounded to five decimal 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 23-24.
• Christmas is on Monday. Employees receive holiday pay for Monday, December 25.

For the completion of this project, refer to the tax-related information in the table below. Employees' 401(k) and insurance are pre-tax for federal income tax. The SUTA (UI) rate for Wayland Custom Woodworking is 2.95% on the first $40,100 of employee wages. There is an additional 0.05% for Career Enhancement Program (CEP). FUTA, SUTA, and CEP allow for a deduction for Section 125 contributions, not for 401(k) contributions. Employer contribution of section 125 is 1.5 times the employee portion and should be added to wages for completion of FUTA and SUTA forms. For federal tax withholding calculations, use the percentage method tables for manual payroll systems with Forms W-4 from 2023 or later. Assume, all W-4s are received in 2023 and the Step 2 of Form W-4 is not checked.

Semimonthly Federal Percentage Method for Manual Payrolls with Forms W-4 from 2020 or later Tax Table	Appendix C
Federal Unemployment Rate (employer only)(less Section 125)	0.6% on the first $7,000 of wages
State Unemployment Rate (employer only)(less Section 125)	2.95% on the first $40,100 of wages
Career Enhancement Program (employer only) (less Section 125)	0.05% on the first $40,100 of wages

October 1:

Wayland Custom Woodworking (WCW) pays its employees according to their job classification. Wayland's staff comprises the following employees:

Employee Number	Name and Address	Payroll information
00-Chins	Anthony Chinson 530 Chimney Rock Road Stateline, NV 89449 775-555-1212 Job title: Account Executive	Married Filing Jointly; 2
00-Wayla	Mark Wayland 1650 Power House Drive Glenbrook, NV 89413 775-555-1110 Job title: President or Owner	Married Filing Jointly; 3
01-Peppi	Sylvia Peppinico 1575 Flowers Avenue Glenbrook, NV 89413 775-555-2244 Job title: Craftsman	Married Filing Jointly; 1
01-Coope	Stevon Cooper 2215 Lands End Drive Glenbrook, NV 89413 775-555-9981 Job title: Craftsman	Single; None Nonexempt $62,000 per year Start Date: 10/1/2023 SSN: 022-66-1131
02-Hisso	Leonard Hissop 333 Engine House Circle Glenbrook, NV 89413 775-555-5858 Job title: Purchasing or Shipping	Single; 1 Other Nonexempt $51,500 per year Start Date: 10/1/2023 SSN: 311-22-6698
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

December 31

The final pay period of the year will not be paid to employees until January 4, 2024. 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 theEmployee 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 holiday pay for December 25, 2023.Due to demand, the employees worked extra hours on Wednesday, December 27. Reminder, holidays and vacations are not included as hoursworked for calculation of overtime.

• the Employee Gross Pay tab.
• the Payroll Register for December 31.
• the General Journal entries for the December 31 payroll.
• Update the General Ledger with the ending ledger balances from the December15 pay period ledger accounts first, and then post the journal entries from the current period to the General Ledger.

Complete the question by filling in all answers in the tabs below. Employee Payroll General General Gross pay Register Journal Ledger Chinson Wayland Peppinico $ 2,000.00000( 80 hours (exempt - 8 hours Holiday) T [s o000f | $ 101500 $ 3,541.66667| 80 hours (exempt - 8 hours Holiday) s o0of | $ 2,437.50000( 80 hours (exempt - 8 hours Holiday) A T $ 29.80769| 82 hours (8 hours Holiday) $ 2,205.77( $ 0.00f $ 238.46 $ 24.75962 81 hours (8 hours Holiday) $ 1,807.45[ $ 0.00[ $ 198.08 $ 20.19231 83 hours (8 hours Holiday) $ 1,514.42[ $ 0.00[ $ 161.54 Payroll Register > Cooper Hissop Student 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. Note: Round answers for hourly rate or period wages to 5 decimal places and all other answers to 2 decimals. Show less A