es 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: Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes Required: $ 460,000 42,550 32,890 3,200 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March. 2. & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer's FICA taxes and unemployment taxes.