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 $12850$ 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 E$6462582020-6.$ 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 $2$ of this project, you will complete payroll for the last month $($December$)$ of the fourth quarter $($Q$4)$ of $2022,$ which consists of the final pay periods of the year. Then file the annual tax forms for Wayland as well as prepare each employee's Form W$-2$ in Part $2$ on or before the due date $01/14/2023.$

For Part $2$ of this project, you will use the fourth quarter payroll information that you calculated in Part $1$ to complete the following tax forms for Wayland Custom Woodworking:

U$.$S$.$ Form $941$

U$.$S$.$ Form $940$

Nevada NUCS $4072$

Nevada New Hire Report

Form W$-2$s for all $6$ employees

Form W$-3$ for WCW

Elective deferrals including deferrals under a simple retirement account that is part of a section $401($k$)$ arrangement should be reported in Box $12,$ using code D$.$ Employer amounts for health coverage should be reported as $1\mathrm{.}5$ times the employee's premium in Box $12,$ using Code DD$.$

Specific instructions on how to complete each form can be found within the individual forms themselves. The employee information for Wayland has been presented again below, for convenience.