McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned $ 460,000 Employee income taxes withheld 42,550 FICA taxes withheld 32,890 Unemployment taxes 3,200 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.