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

Salaries and wages earned	$	540,000
Employee income taxes withheld		49,950
FICA taxes withheld		38,610
Unemployment taxes		3,755

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.

No	Date	General Journal	Debit	Credit
2	March 31	Salaries and Wages Expense
		FICA Payable
		Income Tax Payable
		Salaries and Wages Payable
	March 31	Payroll Tax Expense
		FICA Payable
		Unemployment Taxes Payable