{"id":12010,"date":"2021-10-28T12:25:46","date_gmt":"2021-10-28T12:25:46","guid":{"rendered":"https:\/\/assignmenttutors.net\/blog\/wayland-custom-woodworking-is-a-firm-that-manufactures-custom\/"},"modified":"2021-10-28T12:25:46","modified_gmt":"2021-10-28T12:25:46","slug":"wayland-custom-woodworking-is-a-firm-that-manufactures-custom","status":"publish","type":"post","link":"https:\/\/assignmenttutors.net\/blog\/wayland-custom-woodworking-is-a-firm-that-manufactures-custom\/","title":{"rendered":"Wayland custom woodworking is a firm that manufactures custom"},"content":{"rendered":"
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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.
\u00a0
Wayland Custom Woodworking is located at 1716 Nichol Street, Logan, Utah, 84321, phone number 435-555-9877. The owner is Mark Wayland. Wayland\u2019s 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.\u00a0
\u00a0\u00a0
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.<\/p>\n

\u00a0<\/p>\n

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.<\/p>\n

\u00a0<\/p>\n

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\u2019s 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\u2019s 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.<\/p>\n

\u00a0<\/p>\n

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.\u00a0<\/p>\n

\u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0 Federal Withholding Allowance (less 401(k), Section 125)<\/td>\n$166.70 per allowance claimed<\/td>\n<\/tr>\n
\u00a0\u00a0Semimonthly Federal Percentage Method Tax Table<\/td>\nAppendix C<\/a>, Page 270, Table #3<\/td>\n<\/tr>\n
\u00a0\u00a0Federal Unemployment Rate (Federal unemployment rate less Section 125 health insurance)<\/td>\n6.0% on the first $7,000 of wages<\/td>\n<\/tr>\n
\u00a0 State Withholding Rate (less 401(k), Section 125)<\/td>\nSee\u00a0Utah Schedule 3<\/a><\/td>\n<\/tr>\n
State Unemployment Rate (less Section 125)<\/td>\n2.6% on the first $31,300 of wages<\/td>\n<\/tr>\n
\n\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Wayland Custom Woodworking
Balance Sheet
9\/30\/2015<\/td>\n<\/tr>\n
Assets<\/td>\n\u00a0<\/td>\nLiabilities & Equity<\/td>\n<\/tr>\n
\u00a0\u00a0Cash<\/td>\n$<\/td>\n1,125,000.00<\/td>\n\u00a0<\/td>\nAccounts Payable<\/td>\n$<\/td>\n112,490.00\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Supplies<\/td>\n\u00a0<\/td>\n27,240.00<\/td>\n\u00a0<\/td>\nSalaries and Wages Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Office Equipment<\/td>\n\u00a0<\/td>\n87,250.00<\/td>\n\u00a0<\/td>\nFederal Unemployment Tax Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Inventory<\/td>\n\u00a0<\/td>\n123,000.00<\/td>\n\u00a0<\/td>\nSocial Security Tax Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Vehicle<\/td>\n\u00a0<\/td>\n25,000.00<\/td>\n\u00a0<\/td>\nMedicare Tax Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Accumulated Depreciation, Vehicle<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nState Unemployment Tax Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Building<\/td>\n\u00a0<\/td>\n164,000.00<\/td>\n\u00a0<\/td>\nEmployee Federal Income Tax Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Accumulated Depreciation, Building<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nEmployee State Income Tax Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Land<\/td>\n\u00a0<\/td>\n35,750.00<\/td>\n\u00a0<\/td>\n401(k) Contributions Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n\n

\u00a0<\/p>\n<\/td>\n

\n\n

\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\nEmployee Medical Premiums Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Total Assets<\/td>\n\u00a0<\/td>\n1,587,240.00<\/td>\n\u00a0<\/td>\nNotes Payable<\/td>\n\u00a0<\/td>\n244,750.00\u00a0\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n\n\n

\u00a0<\/p>\n<\/td>\n

\n\n\n

\u00a0<\/p>\n<\/td>\n

\u00a0<\/td>\nUtilities Payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nTotal Liabilities<\/em><\/td>\n\u00a0<\/td>\n337,240.00\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nOwners’ Equity<\/td>\n\u00a0<\/td>\n1,250,000.00\u00a0\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nRetained Earnings<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nTotal Equity<\/em><\/td>\n\n\n

\u00a0<\/p>\n<\/td>\n

\n\n

1,250,000.00\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n\n

\u00a0<\/p>\n<\/td>\n

\n\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\nTotal Liabilities and Equity<\/em><\/td>\n\u00a0<\/td>\n1,587,240.00\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\n\n\n

\u00a0<\/p>\n<\/td>\n

\n\n\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n

\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0<\/p>\n

October 1:<\/p>\n

Wayland Custom Woodworking (WCW) pays its employees according to their job classification. The following employees comprise Wayland\u2019s staff:<\/p>\n

\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n
\u00a0\u00a0Employee Number<\/td>\nName and Address<\/td>\nPayroll information<\/td>\n<\/tr>\n
\u00a0\u00a000-Chins<\/td>\nAnthony Chinson
530 Sylvann Avenue
Logan, UT 84321
435-555-1212
Job title: Account Executive<\/td>\n		Married, 1 withholding allowance
Exempt
$24,000\/year + commission
Start Date: 10\/1\/2015
SSN: 511-22-3333<\/td>\n<\/tr>\n
\u00a0\u00a000-Wayla<\/td>\nMark Wayland
1570 Lovett Street
Logan, UT 84321
435-555-1110
Job title: President\/Owner<\/td>\n		Married, 5 withholding allowances
Exempt
$75,000\/year
Start Date: 10\/1\/2015
SSN: 505-33-1775<\/td>\n<\/tr>\n
\u00a0\u00a001-Peppi<\/td>\nSylvia Peppinico
291 Antioch Road
Logan, UT 84321
435-555-2244
Job title: Craftsman<\/td>\n		Married, 7 withholding allowances
Exempt
$43,500\/year
Start Date: 10\/1\/2015
SSN: 047-55-9951<\/td>\n<\/tr>\n
\u00a0\u00a001-Varde<\/td>\nStevon Varden
333 Justin Drive
Logan, UT 84321
435-555-9981
Job title: Craftsman<\/td>\n		Married, 2 withholding allowances
Nonexempt
$42,000\/year
Start Date: 10\/1\/2015
SSN: 022-66-1131<\/td>\n<\/tr>\n
\u00a0\u00a002-Hisso<\/td>\nLeonard Hissop
531 5th<\/sup>\u00a0Street
Logan, UT 84321
435-555-5858
Job title: Purchasing\/Shipping<\/td>\n		Single, 4 withholding allowance
Nonexempt
$49,500\/year
Start Date: 10\/1\/2015
SSN: 311-22-6698<\/td>\n<\/tr>\n
\n\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0\u00a0
Voluntary deductions for each employee are as follows:
\u00a0\u00a0<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Name \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\nDeduction \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0<\/td>\n<\/tr>\n
\u00a0\u00a0Chinson<\/td>\nInsurance: $50\/paycheck<\/td>\n<\/tr>\n
401(k): 3% of gross pay<\/td>\n<\/tr>\n
\u00a0\u00a0Wayland<\/td>\nInsurance: $75\/paycheck<\/td>\n<\/tr>\n
401(k): 6% of gross pay<\/td>\n<\/tr>\n
\u00a0\u00a0Peppinico<\/td>\nInsurance: $75\/paycheck<\/td>\n<\/tr>\n
401(k): $50 per paycheck<\/td>\n<\/tr>\n
\u00a0\u00a0Varden<\/td>\nInsurance: $50\/paycheck<\/td>\n<\/tr>\n
401(k): 4% of gross pay<\/td>\n<\/tr>\n
\u00a0\u00a0Hissop<\/td>\nInsurance: $75\/paycheck<\/td>\n<\/tr>\n
401(k): 3% of gross pay<\/td>\n<\/tr>\n
\u00a0\u00a0Student<\/td>\nInsurance: $50\/paycheck<\/td>\n<\/tr>\n
401(k): 3% of gross pay<\/td>\n<\/tr>\n
\n\n

\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\u00a0\u00a0
The departments are as follows:<\/p>\n

\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Department 00: Sales and Administration<\/p>\n

\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Department 01: Factory workers<\/p>\n

\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0Department 02: Delivery and Customer service
\u00a0\u00a0
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.
\u00a0<\/p>\n

\u00a0
2. Complete the headers of the Employees’ Earnings Records for all company employees. Enter the YTD earnings for each employee.<\/p>\n

rev: 03_30_2016_QC_CS-46759, 07_09_2016_QC_CS-52845, 07_13_2016_QC_CS-52845<\/span><\/p>\n

\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

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.\u00a0Wayland Custom Woodworking is located at 1716 Nichol Street, Logan, Utah, 84321, phone number 435-555-9877. The owner is Mark Wayland. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":["post-12010","post","type-post","status-publish","format-standard","hentry","category-homework-help"],"_links":{"self":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/12010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/comments?post=12010"}],"version-history":[{"count":0,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/posts\/12010\/revisions"}],"wp:attachment":[{"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/media?parent=12010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/categories?post=12010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/assignmenttutors.net\/blog\/wp-json\/wp\/v2\/tags?post=12010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}