McLoyd Company completed the salary and wage payroll for March. The payroll provided the following details:

Salaries and wages earned	$	440,000
Employee income taxes withheld		40,700
FICA taxes withheld		31,460
Unemployment taxes		3,060

Required:

1.	Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company.

2.&3.	Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes), employers FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)

Total Labor Cost