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

Salaries and wages earned $ 400,000

Employee income taxes withheld 37,000

FICA taxes withheld 28,600

Unemployment taxes 2,780

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. Journal entry worksheet: Record the payroll for March including employee deductions; salaries and wages earned, $400,000; employee income taxes withheld, $37,000; FICA taxes withheld, $28,600; Unemployment taxes, $2,780. Record the employers FICA taxes and unemployment taxes; salaries and wages earned, $400,000, employee income taxes withheld, $37,000; FICA taxes withheld, $28,600; Unemployment taxes, $2,780.