College Accounting: Chapter 9 Mastery Problem - The totals line from Nix Company's payroll register

College Accounting
Chapter 9 Mastery Problem
The totals line from Nix Company's payroll 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, 0.8%; and SUTA tax, 5.4%.

REQUIRED
1. a. Prepare the journal entry for payment of this payroll on March 31, 20--.
b. 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 income tax payable 2,500 Social Security tax payable 2,008 Medicare tax payable 470 FUTA tax payable 520 SUTA tax payable 3,510
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--).
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