Merger Company has 10 employees, each of whom earns $1,400 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $132,900 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 expense.

Note: Round your answers to 2 decimal places.

QS 9-8 (Algo) Recording employer payroll taxes LO P3 Merger Company has 10 employees, each of whom earns $1,400 per month and has been employed since January 1 . FiCA Sociol Security taxes are 6.2% of the first $132,900 paid to each employee, and FiCA Medicare taxes are 1.45\% of gross poy. 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 paytoll taxes expense, Note: Round your answers to 2 decimal places. Journal entry worksheet