Chapter 7, Three - Month Comprehensive Problem Complete Chapter 7, Three - Months Paper Based Version, starting on page 243. *****you do not need to submit anything in elab*** Instructions: You must...

Chapter 7, Three - Month Comprehensive Problem

CompleteChapter 7, Three - MonthsPaper Based Version,

starting on page 243.

*****you do not need to submit anything in elab***

Instructions:

• 
  You must complete steps 1-8, starting on page 243 steps in the project, as instructed per your text book.
  


• 
  Save your work as pdf file, as you work through the problem. Forms, must be saved and submitted as forms. If you complete your work in excel, please save as a pdf.
  


• 
  After you complete the project, attach your files to this assignment,
  please identify/
  separate
  your work by "STEPS", for example, STEP 1, STEP 2, etc.
  
  


• 
  Answer the following questions, below; you may submit answers to the questions, directly in the text boxorcreate a pdf file and attach to this assignment.
  

What Do I submit for Grading?

Step 1:(pdf file, whenever possible)

• 
  Complete Employee Earning Records (complete the top portion)
  

Step 2:(pdf file, whenever possible)

• 
  Complete Payroll Register(see example in the announcements)
  
  

Step 3:(pdf file, whenever possible)

• 
  Complete Employee Earnings Record (other portion not completed in step 1)
  


• 
  Journal Entries for pay periods(payment of wages to employees):
  10/4 through 12/27 *** should be 13 journal entries
  


• 
  Journal Entries for End of cycle
  
  (recording
  employer
  payroll tax expenses)
  
  : 10/4 through 11/8 *** should be 6 journal entries
  


• 
  FUTA
  Calculation
  for 10/4; 10/11; and 1018
  


• 
  SUTA
  Calculation
  for 10/4
  through
  11/22
  


• 
  FICA - Employer for 10/4 through 12/27
  
  

Step 4:(pdf file, whenever possible)

• 
  Journal Entries for monthly payment of federal taxes: 8/15 through 1/15 *** should be 6 journal entries
  


• 
  complete Form 941 (2020) - Employer's Quarterly Federal Tax Return
  

Step 5:

• 
  Journal Entries for year-end payment of unemployment taxes
  


• 
  Calculate
  total payments to all employees
  


• 
  Complete the Form 940 (2019)
  


• 
  Complete the Form 940-V
  

Step 6:

• 
  Calculate
  total SUTA Taxes Owed;(could type Step 6 into the text box below)
  
  

Step 7:

• 
  Complete Copy A of Form W-2 for each of the four employees.
  


• 
  Complete employees earning records, form W-2 (2020)
  
  
  ***** it will help to complete the earning records for each employee, so that your
  calculations
  will correct(see example in module)
  
  

Step 8:

• 
  Complete the Form W-3 (2020)
  
  
  
  

Questions are worth 5 pts each:

1. What are the total taxable FUTA wages for the year? What would these FUTA taxable wages have been if Stacey Jones earned $100,000 less for the year?
   
   


2. For William Finnegan, by how much do hisWages, Tips, and Other Compensationon Form W-2 differ from hisMedicare Wages and Tips? What does this amount represent?
   
   


3. Why does the employer not sign Form W-2? Does the employer sign any form that conveys annual employee compensation to the IRS? If so, which form?
   
   


4. For Stacey Jones, by how much do herSocial Security Wageson Form W-2 differ from herMedicare Wages and Tips? Why does this difference exist?
   
   


5. What is the standard Medicare tax rate? Why does this rate differ from the “.029” displayed on line 5c of Form 941? Why does this rate differ from the “.009” displayed on line 5d of Form 941?
   
   


6. On Form 940, should Part 5 be completed for the current year? Why or why not?
   
   


7. For the 4thquarter, what portion of the total Medicare tax is paid by the employer (not withheld from Employee earnings)?
   
   


8. Is Stacey Jones’ Medicare tax withheld the same for each pay period in the 4thquarter? Why or why not?
   
   


9. Does the employer owe the same amount of SUTA tax for each employee? Why or why not? What is the amount of SUTA tax owed for each employee?
   
   


10. Is Additional Medicare Tax withheld from any employee? If so, which employee, and why is this tax withheld from the employee?

____________________________________________________________________________________________

See all of the

Student Exercise File -- Payroll Accounting -- 8th Edition

(f you cannot open files below, please go to elab; look under course content, download files)

https://lms.labyrinthelab.com/course_content.php?q=lg4dPQ8DqslU5_QxqiYQ8EmkYTqqfEDb5WQYnQT74Jv7e7c17eoJZHroazBgJTZcyQlUTNh9VWPBwRzS0-fSSQ(Links to an external site.)

____________________________________________________________________________________________

STUDENT'S EXERCISE FILES:

Time Card Template.xlsx

download

Publication 15-T (2020).pdf

Actions

Payroll Register Template.xlsx

download

Journal Entries Template.xlsx

download

Form W-9 (2020).pdf

Actions

Form W-4 (2020).pdf

Actions

Chapter 6 CPP 6-1 Excel files.xlsx

download

Chapter 7 One-Month Project Payroll Data.xlsx

download

Chapter 7 Three-Month Project Payroll Data.xlsx

download

Circular E (2020).pdf

Actions

Credit Reduction States.xlsx

download

Employee Earnings Record Template.xlsx

download

Form 940 - Schedule A (2019).pdf

Actions

Form 940 (2019).pdf

Actions

Form 941 - Schedule B (2020).pdf

Actions

Form 941 (2020).pdf

Actions

Form 1096 (2020).pdf

Actions

Form 1099-NEC (2020).pdf

Actions

Form I-9 (2020).pdf

Actions

Form SS-4 (2020).pdf

Actions

Form SS-5 (2020).pdf

Actions

Form W-2 (2020).pdf

Actions

Form W-3 (2020).pdf

Actions

Form W-4 (2020).pdf

Actions

Form W-9 (2020).pdf

Actions

Journal Entries Template.xlsx

download

Payroll Register Template.xlsx

download

Publication 15-T (2020).pdf

Actions

Time Card Template.xlsx

download

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