Please show me the calculation of each question
Glo-Brite Payroll Project (Short Version) Excel & CNOW INSTRUCTIONS This project is to be completed using Excel and CNOW. Payroll processing will be done in Excel and corresponding CNOW assignment will be completed based on these payrolls in Excel. You will also be completing all qtr and year-end forms in CNOW. Total points for this project are 120 with 60 of these points being extra credit. Note – Add your name as an employee in place of a ‘Student’ on payroll register starting with Dec. 4th payroll. Appendix A consists of a simulation, or practice set, for payroll accounting for the last quarter but you will only be doing the last month’s transactions included in the Appendix A. Chapter 7 is the complete, full version of the project for your reference and end of the quarter/year forms that you will be filling out in CNOW. You must read chapter 7 from pages 7-1 through 7-6 in addition to referring to this chapter whenever you feel that you need more information for the section on Appendix A that you are working on. Starting with page one of the Appendix A ‘Excel Template for the Glo-Brite Payroll Project (Chapter 7: Short Version)’, read all the introductory information and familiarize yourself with Excel regardless of your level of proficiency in it. You are not completing chapter 7 as it is the complete project but you can refer back to it as referenced in Appendix A. Information for short version starts on pg. A11. To do this project you must read the Appendix A starting with pg. A1. After reading thru pages A1 thru A10, starting with pg.A11, you will be walked thru sample payroll processing for November 20 called ‘Illustrative Case’. You will see all parts of the payroll entry till page A17 where ‘short payroll project’ starts. You will start working on the project starting from pg. A17, Dec. 3rd entry and work till Pg. A-22 to the end of Feb.1. You will not do Recording End-Of-The-Year Payroll Profession. You do not need to do the Audit Tests mentioned right before Dec. 3rd entry. Payroll processing will be done in Excel and you will be completing the assignment (Glo Brite Payroll Project) in CNOW to answer the questions based on these payroll periods. This will also help you in ‘checking your work’ along the way. You can download the file ‘GloBritePayrollProjectShortTemplate’ file from the ‘Glo-Brite Payroll Project’ module in Canvas. After completing the project, you should be able to: 1.Prepare payroll registers. 2.Maintain employees’ earnings records. 3.Journalize and post payroll and payroll tax entries. 4.Complete federal, state, and city tax deposit forms and journalize the transactions. 5.Prepare various quarter-end and year-end payroll tax forms.(Only do the forms listed in CNOW and read the appropriate sections for these on page A-21-22. You must have Excel software on your computer to be able to do this project. If you don’t have Excel, you can go to https://products.office.com/en-us/student/office-in-education to get a free software as a student. You can download the file ‘GloBritePayrollProjectShortTemplate’ file from the ‘Glo-Brite Payroll Project’ module in Canvas. Download this to your computer and you will see that previous payroll periods are already done and you are only processing payroll starting with Dec. 8th. As you go thru each pay period for Dec. 4, 14, 18, you should be going to CNOW assignment ‘Glo Brite Payroll Project’ and answering the questions for each pay period and use ‘check my work’ feature to ensure the accuracy of Excel files in progress. Payroll processing is done in Excel, you answer question in CNOW based on these Excel reports. You will also be completing all qtr and year-end forms in CNOW. Other information needed for completion of optional activities · The home office and the manufacturing plant of Glo-Brite Paint Company are located at 2215 Salvador Street, Philadelphia, PA 19175-0682. · The company's federal identification number is 00-0000660; the state account number, 000-0-3300. · 940- Assume that previous quarters taxes have been paid timely and you do not need that information. Do not complete Part 5 of the form that is asking for this information. · All forms are to be signed by Joseph T O’Neill and date should be the due date of the form. NOTE - · This project is time consuming and has lots of work at the end on pg. A21 to A22. Do not wait until the last minute to do it. Penalties are strict regardless of your reasons. · Refer to CNOW assignment for point distribution for the project. · Project will be unavailable after the deadline. Globrite2020Page 2 of 2Bhangal Transaction No. 35 Prepare Form 941, Employer's Quarterly Federal Tax Return, with respect to wages paid during the last calendar quarter. The information needed in preparing the return should be obtained from the journal for Form 941 deposits, ledger accounts, payroll registers and employees' earnings records. Remember: Wages, tips and other compensation does not include SIMPLE contributions or payments to estates and Social Security wages are subject to the $132,900 cap. Figure 3.8 If an input box does not require an entry, leave it blank. When required, round amounts to the nearest cent. Hint: Line 7 instructions. Fill in Form 941 through line 6, then fill in Part 2, line 16 or Schedule B. Take that information and fill in line 13. Lines 12 and 13 must equal. If the amounts are not the same, correct by entering amount to make equal on line 7. Line 7 differences are caused by how calculations are made on Form 941 and the amounts withheld from employee's earning plus the employer's payroll tax amounts each pay. Form 941 for 20--: (Rev. January 2019) Employer's QUARTERLY Federal Tax Return Department of the Treasury — Internal Revenue Service OMB No. 1545-0029 Employer identification number (EIN) 0 0 – 0 0 0 0 6 6 0 Name (not your trade name) GLO-BRITE PAINT COMPANY Trade name (if any) Address 2215 SALVADOR STREET Number Street Suite or room number PHILADELPHIA PA 19175-0682 City State ZIP code Foreign country name Foreign province/county Foreign postal code Report for this Quarter of 20-- (Select one.) Jan- Mar / Apr- Jun/ Jul-Sep/ Oct-Dec ???? Go to www.irs.gov/Form941 for instructions and the latest information. Read the separate instructions before you complete Form 941. Type or print within the boxes. Part 1: Answer these questions for this quarter. 1 Number of employees who received wages, tips, or other compensation for the pay period including: Mar. 12 (Quarter 1), June 12 (Quarter 2), Sept. 12 (Quarter 3), or Dec. 12 (Quarter 4) 1 2 Wages, tips, and other compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Federal income tax withheld from wages, tips, and other compensation . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 If no wages, tips, and other compensation are subject to social security or Medicare tax ☐ Check and go to line 6. Column 1 Column 2 5a Taxable social security wages . . . . . x 0.124 = 5b Taxable social security tips . . . . . . . . x 0.124 = 5c Taxable Medicare wages & tips . . . . . x 0.029 = 5d Taxable wages & tips subject to Additional Medicare Tax withholding x 0.009 = 5e Add Column 2 from lines 5a, 5b, 5c, and 5d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5e 5f Section 3121(q) Notice and Demand—Tax due on unreported tips (see instructions) . . . . . . . . . . . . . . . 5f 6 Total taxes before adjustments. Add lines 3, 5e, and 5f . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 Current quarter's adjustment for fractions of cents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Current quarter's adjustment for sick pay . . . . . . . . . . . . . . . . . . . . .