Merger Co. has ten employees, each of whom earns $1550 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.

Prepare the March 31 journal entry to record the March payroll taxes expenses.

Date General Journal Debit Credit Mar. 31 Payroll taxes expense FICA-Medicare taxes payable FICA-Social sec. taxes payable Federal unemployment taxes payable State unemployment taxes payable (