E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salary and wage payroll for March. The payroll provided the following details Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $420,000 38,850 30,030 2,920 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company Total Labor Cost