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

Question

McLoyd Company completed the salary and wage payroll for March. The payroll provided the following details Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $ 570,000 52,725 40,755 3,965 Required 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company tal Labor Cost 2.&3.Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes), employer's FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted (f no entry is required for a transactionievent, select "No Journal Entry Required" in the first account field.) View transaction list 1 Record the payroll for March including employee deductions: Salaries and wages earned, $570,000; Employee income taxes withheld, $52,725; FICA taxes withheld, $40,755; Unemployment taxes, $3,965. and FICA Record the employer's FICA taxes and unemployment taxes: Salaries and wages earned, $570,000; Employee income taxes withheld, $52,725; FICA taxes withheld, $40,755; Unemployment taxes, $3,965. 2 Credit Note : - journal entry has been entered Record entry Clear entry View general journal

Explanation / Answer

1 Total labor cost = 570000+40755+3965= $614720 2 Salaries and Wages Expense 570000        Withheld Income Taxes Payable 52725         FICA Taxes payable 40755         Cash 476520 3 Payroll Tax Expense 44720         FICA Taxes payable 40755         Umeployment Taxes Payable 3965

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