Question
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned $ 490,000 Employee income taxes
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details:
| Salaries and wages earned | $ 490,000 |
|---|---|
| Employee income taxes withheld | 45,325 |
| FICA taxes withheld | 35,035 |
| Unemployment taxes | 3,405 |
Required:
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 employers FICA taxes and unemployment taxes.
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Survey of Accounting
Authors: Edmonds, old, Mcnair, Tsay
2nd edition
9780077392659, 978-0-07-73417, 77392655, 0-07-734177-5, 73379557, 978-0073379555
