E10-3 (Algo) Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Required: 1. Considering both employee and employer payroli taxes, use the preceding information to calculate the total labor cost for the company for March. 2. \& 3. Prepare the joumal entry to record the payroll for March, including employee deductions (but excluding employer payroll tax and record employer's FICA taxes and unemployment taxes. Complete this question by entering your answers in the tabs below. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer pa record employer's FICA taxes and unemployment taxes. (If no entry is required for a transaction/event, select "No Required" in the first account field.) Journal entry worksheet Record the payroll for March including employee deductions: Salaries and wages earned, $550,000; Employee income taxes withheld, $50,875; FICA taxes withheld, $39,325; Unemployment taxes, $3,825. Note: Enter debits before credits. Prepare the journal entry to record the payroll for March, Including employee deductions (but excludir record employer's FICA taxes and unemployment taxes. (If no entry is required for a transaction/ever Required" in the first account field.) Journal entry worksheet Record the employer's FICA taxes and unemployment taxes: Salaries and wages earned, $550,000; Employee income taxes withheld, $50,875; FICA taxes withheld, $39,325; Unemployment taxes, \$3,825. Note: Enter debits before credits