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 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 Part 1 of this project, you will complete payroll for the last month (December) of the fourth quarter (Q4) of 2021, 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. Rounding can create a challenge. For this project, the hourly rate for the individuals should be rounded to five 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 5 decimal places as shown in this example. After the gross pay has been calculated, then round the result to two decimal points prior to calculating taxes or other withholdings. Example: Annual Salary to Hourly Rate, Nonexempt Employee Employee Cooper's annual salary is $62,000, and he is a nonexempt employee. Hourly rate = $62,000 / (52 x 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, multiply by the number of days applicable to each pay period. Annual salary: $48,000 / (52 * 5) = $48,000 / 260 = $184.61538 (rounded to 5 decimal points) per day. Once you have the holiday pay, subtract it from their salary for the period for regular time. 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 25-26. Christmas is on Saturday. Employees receive holiday pay for Friday, December 24. 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 3.25% on the first $33,400 of employee wages. There is an additional 0.05% for Career Enhancement Program (CEP). Both FUTA and SUTA have a deduction for section 125 but not for 401(k) contributions by the employee. The same is applicable for the calculation of Career Enhancement Program (CEP). 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 2021 or later. Assume, all W-4s are received in 2021 and the Step 2 of Form W-4 is not checked. Federal Unemployment Rate (employer only) (less Section 0.6% on the first $7,000 of wages Semimonthly Federal Percentage Method for Manual Appendix Payrolls with Forms W-4 from 2020 or later Tax Table State Unemployment Rate (employer only)(less Section 3.25% on the first $33,400 of wages 125) Nevada Career Enhancement Program (employer only) (less 0.05% on the first $33,400 of wages Section 125) October 1 Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland's staff: 125) Employee Number 00-Chins 00-Wayla 01- Peppi Name and Address Anthony Chinson 530 Chimney Rock Road Stateline, NV 89449 775-555-1212 Job title: Account Executive Mark Wayland 1650 Power House Drive Glenbrook, NV 89413 775-555-1110 Job title: President/Owner Sylvia Peppinico 1575 Flowers Avenue Glenbrook, NV 89413 775-555-2244 Job title: Craftsman Stevon Cooper 2215 Lands End Drive Glenbrook, NV 89413 775-555-9981 Job title: Craftsman Leonard Hissop 333 Engine House Circle Glenbrook, NV 89413 775-555-5858 Job title: Purchasing/Shipping Student Success 16 Kelly Circle #2 Glenbrook, NV 89413 775-556-1211 Job title: Accounting Clerk Payroll information Married/Joint; 2 Employee Gross pay Payroll Register Chinson EERF Wayland EERF Peppinico EERF Cooper EERF Hissop EERF Success EERF General Journal General Ledger Complete the payroll register for the December 15 pay period. (Round your answers to 2 decimal places.) 12/15/2021 12/15/2021 Hourly Rate or Period Wage Company Name: Wayland Custom Woodworking Check Date 12/20/2021 Number of Holiday Commissions Gross Earnings Hours Dependents Number of Regular Hours Number of Overtime Hours Section 125 401(k) Run Date Payroll End Date Name Filing Status Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop Student Success Totals Taxable Wages Taxable Wages for for Federal W/H FICA $ 0.00 $ 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 $ 0.00 $ 0.0 0.00 $ 0.00 $ Name Gross Earnings Net Pay Check Number 4239 Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop Student Success $ 0.00 $ Taxable Wages for Federal Social Security Taxable Wages for FICA Federal W/H Medicare W/H Total Deduction W/H Tax $ 0.00 $ 0.00 $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 4240 4241 4242 4243 4244 Totals $ 0.00 0.00 The following is the Employee Earning Record Form for Mark Wayland for the December 15 pay period. Amounts from the first four pay periods of the fourth quarter (October 15 to November 30) are shown. Using the payroll register you have just complete 15 pay period for Wayland to complete his EERF. (Round your intermediate computations and final answers to 2 decimal places.) 3 1 1 Name Address City/State/Zip Telephone Social Security Number Mark Wayland 1650 Power House Drive Glenbrook, NV 89413 775-555-1110 505-33-1775 EMPLOYEE EARNINGS RECORD Hire Date 10/01/2021 Date of Birth Position President/Owner Filing Status Married/Joint Pay Rate (Hourly, Yearly, Yearly + Commission) $85,000 per year Commissions Gross Pay Section 125 401(k) none Period Ended Hours Worked Regular Pay O.T. Pay Holiday Pay $ $ $ 75.00 75.00 3,541.67 3,541.67 3,541.67 3,541.67 212.50 212.50 212.50 212.50 none none NVC per period $ 1.73 1.73 1.73 1.73 75.00 75.00 Dependent child 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 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 Part 1 of this project, you will complete payroll for the last month (December) of the fourth quarter (Q4) of 2021, 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. Rounding can create a challenge. For this project, the hourly rate for the individuals should be rounded to five 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 5 decimal places as shown in this example. After the gross pay has been calculated, then round the result to two decimal points prior to calculating taxes or other withholdings. Example: Annual Salary to Hourly Rate, Nonexempt Employee Employee Cooper's annual salary is $62,000, and he is a nonexempt employee. Hourly rate = $62,000 / (52 x 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, multiply by the number of days applicable to each pay period. Annual salary: $48,000 / (52 * 5) = $48,000 / 260 = $184.61538 (rounded to 5 decimal points) per day. Once you have the holiday pay, subtract it from their salary for the period for regular time. 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 25-26. Christmas is on Saturday. Employees receive holiday pay for Friday, December 24. 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 3.25% on the first $33,400 of employee wages. There is an additional 0.05% for Career Enhancement Program (CEP). Both FUTA and SUTA have a deduction for section 125 but not for 401(k) contributions by the employee. The same is applicable for the calculation of Career Enhancement Program (CEP). 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 2021 or later. Assume, all W-4s are received in 2021 and the Step 2 of Form W-4 is not checked. Federal Unemployment Rate (employer only) (less Section 0.6% on the first $7,000 of wages Semimonthly Federal Percentage Method for Manual Appendix Payrolls with Forms W-4 from 2020 or later Tax Table State Unemployment Rate (employer only)(less Section 3.25% on the first $33,400 of wages 125) Nevada Career Enhancement Program (employer only) (less 0.05% on the first $33,400 of wages Section 125) October 1 Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland's staff: 125) Employee Number 00-Chins 00-Wayla 01- Peppi Name and Address Anthony Chinson 530 Chimney Rock Road Stateline, NV 89449 775-555-1212 Job title: Account Executive Mark Wayland 1650 Power House Drive Glenbrook, NV 89413 775-555-1110 Job title: President/Owner Sylvia Peppinico 1575 Flowers Avenue Glenbrook, NV 89413 775-555-2244 Job title: Craftsman Stevon Cooper 2215 Lands End Drive Glenbrook, NV 89413 775-555-9981 Job title: Craftsman Leonard Hissop 333 Engine House Circle Glenbrook, NV 89413 775-555-5858 Job title: Purchasing/Shipping Student Success 16 Kelly Circle #2 Glenbrook, NV 89413 775-556-1211 Job title: Accounting Clerk Payroll information Married/Joint; 2 Employee Gross pay Payroll Register Chinson EERF Wayland EERF Peppinico EERF Cooper EERF Hissop EERF Success EERF General Journal General Ledger Complete the payroll register for the December 15 pay period. (Round your answers to 2 decimal places.) 12/15/2021 12/15/2021 Hourly Rate or Period Wage Company Name: Wayland Custom Woodworking Check Date 12/20/2021 Number of Holiday Commissions Gross Earnings Hours Dependents Number of Regular Hours Number of Overtime Hours Section 125 401(k) Run Date Payroll End Date Name Filing Status Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop Student Success Totals Taxable Wages Taxable Wages for for Federal W/H FICA $ 0.00 $ 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 0.0 0.00 $ 0.00 $ 0.0 0.00 $ 0.00 $ Name Gross Earnings Net Pay Check Number 4239 Anthony Chinson Mark Wayland Sylvia Peppinico Stevon Cooper Leonard Hissop Student Success $ 0.00 $ Taxable Wages for Federal Social Security Taxable Wages for FICA Federal W/H Medicare W/H Total Deduction W/H Tax $ 0.00 $ 0.00 $ 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 0.00 $ 4240 4241 4242 4243 4244 Totals $ 0.00 0.00 The following is the Employee Earning Record Form for Mark Wayland for the December 15 pay period. Amounts from the first four pay periods of the fourth quarter (October 15 to November 30) are shown. Using the payroll register you have just complete 15 pay period for Wayland to complete his EERF. (Round your intermediate computations and final answers to 2 decimal places.) 3 1 1 Name Address City/State/Zip Telephone Social Security Number Mark Wayland 1650 Power House Drive Glenbrook, NV 89413 775-555-1110 505-33-1775 EMPLOYEE EARNINGS RECORD Hire Date 10/01/2021 Date of Birth Position President/Owner Filing Status Married/Joint Pay Rate (Hourly, Yearly, Yearly + Commission) $85,000 per year Commissions Gross Pay Section 125 401(k) none Period Ended Hours Worked Regular Pay O.T. Pay Holiday Pay $ $ $ 75.00 75.00 3,541.67 3,541.67 3,541.67 3,541.67 212.50 212.50 212.50 212.50 none none NVC per period $ 1.73 1.73 1.73 1.73 75.00 75.00 Dependent child