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

Salaries and wages earned	$	450,000
Employee income taxes withheld		41,625
FICA taxes withheld		32,175
Unemployment taxes		3,125

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.

McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $450,000 41,625 32,175 3,125 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. Employees were paid in March but amounts withheld were not yet remitted. Journal entry worksheet 2 Record the payroll for March including employee deductions: Salaries and wages earned, $450,000; Employee income taxes withheld, $41,625; FICA taxes withheld, $32,175; Unemployment taxes, $3,125 Note: Enter debits before credits Date General Journal Debit Credit March 31 Journal entry worksheet 2 Record the employer's FICA taxes and unemployment taxes: Salaries and wages earned, $450,000; Employee income taxes withheld, $41,625; FICA taxes withheld, $32,175; Unemployment taxes, $3,125. Note: Enter debits before credits. Date General Journal Debit Credit March 31 Record entry Clear entry View general journal