The totals line from Nix Company’s payroll register for the week ended March 31, 20--, is shown: PAYROLL REGISTER FOR THE PERIOD ENDED March 31, 20-- EARNINGS TAXABLE EARNINGS DEDUCTIONS NAME EMPLOYEE NUMBER ALLOWANCES MARIT. STATUS REGULAR OVERTIME TOTAL CUM. TOTAL UNEMPL. COMP. SOC. SEC. FED. INC. TAX SOC. SEC. TAX MEDICARE TAX HEALTH INSUR. LIFE INSUR. OTHER TOTAL NET PAY CK. NO. 21 Totals 5,400.00 100.00 5,500.00 71,500.00 5,000.00 5,500.00 500.00 341.00 79.75 165.00 200.00 1,285.75 4,214.25 21 Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. Required: 1a. Prepare the journal entry for payment of this payroll on March 31, 20--. 1b. Prepare the journal entry for the employer’s payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--. 3. Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--). 1a. Prepare the journal entry for payment of this payroll on March 31, 20--. 1b. Prepare the journal entry for the employer’s payroll taxes for the period ended March 31, 20--. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--. Be sure to consider the opening balances in the amounts paid. PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 3. Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--). PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2

The totals line from Nix Company’s payroll register for the week ended March 31, 20--, is shown: PAYROLL REGISTER FOR THE PERIOD ENDED March 31, 20-- EARNINGS TAXABLE EARNINGS DEDUCTIONS NAME EMPLOYEE NUMBER ALLOWANCES MARIT. STATUS REGULAR OVERTIME TOTAL CUM. TOTAL UNEMPL. COMP. SOC. SEC. FED. INC. TAX SOC. SEC. TAX MEDICARE TAX HEALTH INSUR. LIFE INSUR. OTHER TOTAL NET PAY CK. NO. 21 Totals 5,400.00 100.00 5,500.00 71,500.00 5,000.00 5,500.00 500.00 341.00 79.75 165.00 200.00 1,285.75 4,214.25 21 Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%. Required: 1a. Prepare the journal entry for payment of this payroll on March 31, 20--. 1b. Prepare the journal entry for the employer’s payroll taxes for the period ended March 31, 20--. 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--. 3. Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--). 1a. Prepare the journal entry for payment of this payroll on March 31, 20--. 1b. Prepare the journal entry for the employer’s payroll taxes for the period ended March 31, 20--. General Journal Instructions PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 9 10 11 12 2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income tax payable $2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--. b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--. c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--. Be sure to consider the opening balances in the amounts paid. PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2 3 4 5 6 7 8 3. Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--). PAGE 1 GENERAL JOURNAL DATE ACCOUNT TITLE POST. REF. DEBIT CREDIT 1 2

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter9: Payroll Accounting: Employer Taxes And Reports

Section: Chapter Questions

Problem 1MP: The totals line from Nix Companys payroll register for the week ended March 31, 20--, is as follows:...

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Question

The totals line from Nix Company’s payroll register for the week ended March 31, 20--, is shown:

PAYROLL REGISTER FOR THE PERIOD ENDED March 31, 20--

EARNINGS

TAXABLE EARNINGS

DEDUCTIONS

NAME

EMPLOYEE NUMBER

ALLOWANCES

MARIT. STATUS

REGULAR

OVERTIME

TOTAL

CUM. TOTAL

UNEMPL. COMP.

SOC. SEC.

FED. INC. TAX

SOC. SEC. TAX

MEDICARE TAX

HEALTH INSUR.

LIFE INSUR.

OTHER

TOTAL

NET PAY

CK. NO.

Totals

5,400.00

100.00

5,500.00

71,500.00

5,000.00

5,500.00

500.00

341.00

79.75

165.00

200.00

1,285.75

4,214.25

Payroll taxes are imposed as follows: Social Security tax, 6.2%; Medicare tax, 1.45%; FUTA tax, 0.6%; and SUTA tax, 5.4%.

Required:

1a.	Prepare the journal entry for payment of this payroll on March 31, 20--.
1b.	Prepare the journal entry for the employer’s payroll taxes for the period ended March 31, 20--.

2.	Nix Company had the following balances in its general ledger before the entries for requirement (1) were made:

Employee federal income tax payable	$2,500
Social Security tax payable	2,008
Medicare tax payable	470
FUTA tax payable	520
SUTA tax payable	4,510

a.	Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--.
b.	Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--.
c.	Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.
3.	Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--).

1a. Prepare the journal entry for payment of this payroll on March 31, 20--.
	1b. Prepare the journal entry for the employer’s payroll taxes for the period ended March 31, 20--.

General Journal Instructions

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8
9
10
11
12

2. Nix Company had the following balances in its general ledger before the entries for requirement (1) were made:

Employee federal income tax payable	$2,500
Social Security tax payable	2,008
Medicare tax payable	470
FUTA tax payable	520
SUTA tax payable	4,510

	a. Prepare the journal entry for payment of the liabilities for federal income taxes and Social Security and Medicare taxes on April 15, 20--.
	b. Prepare the journal entry for payment of the liability for FUTA tax on April 30, 20--.
	c. Prepare the journal entry for payment of the liability for SUTA tax on April 30, 20--.

Be sure to consider the opening balances in the amounts paid.

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2
3
4
5
6
7
8

3. Nix Company paid a premium of $420 for workers’ compensation insurance based on the estimated payroll as of the beginning of the year. Based on actual payroll as of the end of the year, the premium is only $400. Prepare the adjusting entry to reflect the overpayment of the insurance premium at the end of the year (December 31, 20--).

PAGE 1

GENERAL JOURNAL

	DATE	ACCOUNT TITLE	POST. REF.	DEBIT	CREDIT
1
2

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