McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details:

Salaries and wages earned	$	580,000
Employee income taxes withheld		53,650
FICA taxes withheld		41,470
Unemployment taxes		4,030

Required:

1. 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March.

2. 2, & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employers FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted.