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 employer$$s FICA taxes and unemployment taxes.