Major. Co. has five employees, each of whom earns $2,500 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA Taxes are 0.8% and SUTA taxes are 2.8% of the first $7,000 paid to each employee. Prepare the March 31 journal entry to record the March payroll tax expense.