McLoyd Company completed the salary and wage payroll for March. The payrol provi

Question

McLoyd Company completed the salary and wage payroll for March. The payrol provided the folowing Employee income taxes withheld FICA taxes withheld 540,000 49,950 Unemployment taxes 3,755 Required 1. Considering both employee and employer payeoll taxes, use the preceding information to calculae th otal labor cost for the company 2S?Prepare the journal entry to roond the payrol tr Mach, ioldng emporte deditors ??0olding employer payrol taxes), employer's FICA taxes and unenserners taxes Employees wore paid in March but amounts withheld were not yet remited or no entry is required fora transactionievent, select -No Journal Entry Required" in the first account field) View transaction ist Journal entry worksheet Record the payroll for March including employee wages earned, $540,000; Employee income taxes withheld, $49,950; FICA taxes withheld, $38,610; Unemployment taxes,$3,755. deductions: Salaries and

Explanation / Answer

1)Total Labor cost =wages earned +FICA (employer contribution )+unemployment tax

=540000+38610+3755

= 582365

2)

Date Account Debit credit a Salaries and wage expense 540000 FICA payable 38610 Income tax payable 49950 salaries and wage payable 451440 '[Being salaries and wages accrued ]

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---