GS 9-6 Recording employer payroll taxes LO P3 Merger Co has 10 employees, each of whom earns $2,200 per month and has been employed since January 1. FICA Social Security taxes are 6 of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 06% and SUTA taxes are 5 4% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll taxes expenses. (Round your answers to 2 decimal places.) Answer is complete but not entirely correct. Debit Credit Mar 31 Payroll taxes expense 2,730.00 FICA-Social sec taxes payable FICA-Medicare taxes payable Federal unemployment taxes payable State unemployment taxes payable 240.00 290.00 120.00 1080.00