The totals line from Nb:Company'spayroll register for the week ended March 31,20--, is as follows 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 1.a.Prepare thejournal entry for payment of this payroll on March 31, 20--. b.Prepare thejournal 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 ta.x payable $2,500 Social Security ta.x payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a.Prepare thejournal entry for payment of the liabilities for federal income ta.xes and Social Security and Medicare ta.xes on April 15, 20--. b.Prepare thejournal entry for payment of the liability for 2.Nix Company had the following balances in its general ledger before the entries for requirement (1) were made: Employee federal income ta.x payable $2,500 Social Security ta.x payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510 a.Prepare thejournal entry for payment of the liabilities for federal income ta.xes and Social Security and Medicare ta.xes on April 15, 20--. b.Prepare thejournal entry for payment of the liability for FUTA ta.x on April 30,20--. c.Prepare thejournal entry for payment of the liability for SUTA ta.x 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- -).
The totals line from Nb:Company'spayroll register for the week ended March 31,20--, is as follows
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
1.a.Prepare thejournal entry for payment of this payroll on March 31, 20--.
b.Prepare thejournal 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 ta.x payable $2,500 Social Security ta.x payable 2,008
Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510
a.Prepare thejournal entry for payment of the liabilities for federal income ta.xes and Social Security and Medicare ta.xes on April 15, 20--.
b.Prepare thejournal entry for payment of the liability for
2.Nix Company had the following balances in its general ledger before the entries for requirement (1) were made:
Employee federal income ta.x payable $2,500 Social Security ta.x payable 2,008
Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 4,510
a.Prepare thejournal entry for payment of the liabilities for federal income ta.xes and Social Security and Medicare ta.xes on April 15, 20--.
b.Prepare thejournal entry for payment of the liability for FUTA ta.x on April 30,20--.
c.Prepare thejournal entry for payment of the liability for SUTA ta.x 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
-).
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