QS 11-10 (Algo) Recording employer payroll taxes LO P3 Merger Company has 10 employees, each of whom earns $1,750 per month and has been employed since January 1 . FICA Social Security taxes are 6.2% of the first $137,700 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 pald to each employee. Prepare the March 31 journal entry to record the March payroll taxes expense. Note: Round your answers to 2 decimal places. Journal entry worksheet Record employer payroll tax expense. Note: Enter debits before credits