Wayland custom woodworking payroll project. are these answers correct? if not what are the answers? 1 answer below »

Employee Grosspay Payroll Register Chinson EERF Wayland EERF PeppinicoVarden EERF Hissop EERF Success EERF General Journal General Ledger EERF Complete the General Journal entries for the December 15 payroll. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet No Date General Journal Debit Credit Dec 15 Salaries and wages expense 12,720.38 Employee Federal income tax payable Social security tax payable Medicare tax payable Em 868.31 765.43 179.00 592.61 488.36 9,826.67 ployee state income tax payable 401 (k) Contributions payable Salaries and wages payable 2 Dec 15 Payroll taxes expense 1,351.47 Social security tax payable Medicare tax payable Federal unemployment tax payable State unemployment tax payable 765.43 179.00 76.32 330.72 Dec 20 Salaries and wages payable 9,826.67 Cash 9,826.67wayland custom woodworking payroll project. are these answers correct? if not what are the answers?

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. Waylands EIN is 91-7444533, and the Utah Employer Account Number is 999-9290-1. Wayland has determined it will pay their 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 2017, which consists of the final two 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 employees Form W-2 in Part 2 The SUTA (UI) rate for Wayland Custom Woodworking is 2.6 percent on the first $33,100. The state withholding rate is 5.0 percent for all income levels and marital statuses, a table has been included to assist with calculations 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 all full time employees, both exempt and nonexempt. For nonexempt employees, such as Stevon Varden, Vardens salary is $42,000 and is a nonexempt employee, so the calculation will be $42,000/2,080, which would give you $20.19231 per hour, and use this to compute the employees gross pay based on the number of hours worked. When a nonexempt employee has worked overtime hours for a given pay period, take their regular hourly rate and multiply it by 1.5, round the result to 5 decimal places, and multiply the new rate by their number of overtime hours For exempt employees, such as Anthony Chinson, an hourly rate rounded to five decimal places should be determined using the same method shown above, but gross pay should be determined by taking the exempt employees yearly salary and dividing it by 24, which is the number of payroll periods with a semimonthly frequency. For example, Chinsons salary is $24,000 and is a full time employee. Chinsons hourly rate is $11.53846 (determined by taking $24,000/2,080), but as he is an exempt employee, the calculation for his gross pay will be $24,000/24, which would give you $1,000. For pay periods that include paid holidays, ensure to distribute an exempt employees regular pay accordingly to holiday pay based on the number of hours that consist of the holidays for that period 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 23-24 .Christmas, which is a Monday. Employees receive holiday pay for Monday, December 25, and Tuesday, December 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 employees marital status). Both 401(k) and insurance are pretax for federal income tax and Utah income tax.

Employee Grosspay Payroll Register Chinson EERF Wayland EERF PeppinicoVarden EERF Hissop EERF Success EERF General Journal General Ledger EERF Complete the General Journal entries for the December 15 payroll. (Round your answers to 2 decimal places.) View transaction list View journal entry worksheet No Date General Journal Debit Credit Dec 15 Salaries and wages expense 12,720.38 Employee Federal income tax payable Social security tax payable Medicare tax payable Em 868.31 765.43 179.00 592.61 488.36 9,826.67 ployee state income tax payable 401 (k) Contributions payable Salaries and wages payable 2 Dec 15 Payroll taxes expense 1,351.47 Social security tax payable Medicare tax payable Federal unemployment tax payable State unemployment tax payable 765.43 179.00 76.32 330.72 Dec 20 Salaries and wages payable 9,826.67 Cash 9,826.67

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