Wayland custom woodworking is a firm that manufactures custom

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. Wayland’s EIN is 91-7444533 and his Utah Employer Account Number is 999-9290-1. Wayland has determined it will pay their employees on a semimonthly basis. 
  
Students will complete the payroll for the final quarter of 2015, and will file fourth quarter and annual tax reports on the appropriate dates. When writing out the dollar amount for each check, spell out all words and the cents are presented over 100, for example 50 cents would be 50/100.

 

Federal income tax should be computed using the percentage method tables in Appendix C. FUTA information is in the table below. The Utah state income tax rate and the SUTA (UI) rate are in the table below.

 

Rounding can create a challenge. For these exercises, the rate for the individuals is not rounded. So take their salary and divide by 2,080 (52 weeks at 40 hours per week) for full time, nonexempt employees. For example, Varden’s 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. Exempt employees salaries are divided by 24 (number of payrolls for semimonthly.) For example, Chinson’s salary is $24,000 and is a full time employee, so the calculation will be $24,000/24, which would give you $1,000. After this hourly rate is determined, than it can be applied to the number of hours worked. After the gross pay has been calculated, round this number to only two decimal points prior to calculating taxes or other withholdings.

 

For the completion of this project the following information can be located in Appendix C. Students will use the Percentage method for federal income tax and the tax tables have been provided for Utah. Both 401(k) and insurance are pretax for federal income tax and Utah income tax. Round calculations to get to final tax amounts and 401(k) contributions after calculating gross pay. 

  

   
  Federal Withholding Allowance (less 401(k), Section 125) $166.70 per allowance claimed
  Semimonthly Federal Percentage Method Tax Table Appendix C, Page 270, Table #3
  Federal Unemployment Rate (Federal unemployment rate less Section 125 health insurance) 6.0% on the first $7,000 of wages
  State Withholding Rate (less 401(k), Section 125) See Utah Schedule 3
State Unemployment Rate (less Section 125) 2.6% on the first $31,300 of wages

 

 

Wayland Custom Woodworking
Balance Sheet
9/30/2015
Assets   Liabilities & Equity
  Cash $ 1,125,000.00   Accounts Payable $ 112,490.00 
  Supplies   27,240.00   Salaries and Wages Payable    
  Office Equipment   87,250.00   Federal Unemployment Tax Payable    
  Inventory   123,000.00   Social Security Tax Payable    
  Vehicle   25,000.00   Medicare Tax Payable    
  Accumulated Depreciation, Vehicle       State Unemployment Tax Payable    
  Building   164,000.00   Employee Federal Income Tax Payable    
  Accumulated Depreciation, Building       Employee State Income Tax Payable    
  Land   35,750.00   401(k) Contributions Payable    
 

 


 

  Employee Medical Premiums Payable    
  Total Assets   1,587,240.00   Notes Payable   244,750.00  
 

 



 

  Utilities Payable    
        Total Liabilities   337,240.00 
             
        Owners’ Equity   1,250,000.00  
        Retained Earnings    
        Total Equity

 


1,250,000.00 

         

 


 

        Total Liabilities and Equity   1,587,240.00 
         

 



 

             

 

 

October 1:

Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland’s staff:

 

  Employee Number Name and Address Payroll information
  00-Chins Anthony Chinson
530 Sylvann Avenue
Logan, UT 84321
435-555-1212
Job title: Account Executive
Married, 1 withholding allowance
Exempt
$24,000/year + commission
Start Date: 10/1/2015
SSN: 511-22-3333
  00-Wayla Mark Wayland
1570 Lovett Street
Logan, UT 84321
435-555-1110
Job title: President/Owner
Married, 5 withholding allowances
Exempt
$75,000/year
Start Date: 10/1/2015
SSN: 505-33-1775
  01-Peppi Sylvia Peppinico
291 Antioch Road
Logan, UT 84321
435-555-2244
Job title: Craftsman
Married, 7 withholding allowances
Exempt
$43,500/year
Start Date: 10/1/2015
SSN: 047-55-9951
  01-Varde Stevon Varden
333 Justin Drive
Logan, UT 84321
435-555-9981
Job title: Craftsman
Married, 2 withholding allowances
Nonexempt
$42,000/year
Start Date: 10/1/2015
SSN: 022-66-1131
  02-Hisso Leonard Hissop
531 5th Street
Logan, UT 84321
435-555-5858
Job title: Purchasing/Shipping
Single, 4 withholding allowance
Nonexempt
$49,500/year
Start Date: 10/1/2015
SSN: 311-22-6698

 

  
Voluntary deductions for each employee are as follows:
  

Name            Deduction         
  Chinson Insurance: $50/paycheck
401(k): 3% of gross pay
  Wayland Insurance: $75/paycheck
401(k): 6% of gross pay
  Peppinico Insurance: $75/paycheck
401(k): $50 per paycheck
  Varden Insurance: $50/paycheck
401(k): 4% of gross pay
  Hissop Insurance: $75/paycheck
401(k): 3% of gross pay
  Student Insurance: $50/paycheck
401(k): 3% of gross pay

 

  
The departments are as follows:

       Department 00: Sales and Administration

       Department 01: Factory workers

       Department 02: Delivery and Customer service
  
1. You have been hired as of October 1 as the new accounting clerk. Your name is Student F. Success and your employee number is 00-STUDE. Your Utah drivers license is 887743 expiring in 7/2018 and social security number is 555-55-5555, and you are non-exempt and paid at a rate of $36,000 per year. Using the information provided, complete the W-4 and the I-9 to start your employee file. Complete as if Single with 1 withholding, you decide to contribute 3% to 401(k) and health insurance is $50 per pay period.
 

 
2. Complete the headers of the Employees’ Earnings Records for all company employees. Enter the YTD earnings for each employee.

rev: 03_30_2016_QC_CS-46759, 07_09_2016_QC_CS-52845, 07_13_2016_QC_CS-52845

 

Prime Paper Help
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.

Essays

Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.

Admissions

Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.

Reviews

Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.

Reviews

Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.