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Prepare the journal entry to record the payroll for march

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Reference no: EM13597317

Recording Payroll Costs McLoyd Company completed the salary and wage payroll for March 2010. The payroll provided the following details:

  • Salaries and wages earned $ 230,000
  • Employee income taxes withheld 50,200
  • FICA taxes withheld 16,445
  • Unemployment taxes 1,600

Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company. 2. Prepare the journal entry to record the payroll for March, including employee deductions.3. Prepare the journal entry to record the employer's FICA taxes and unemployment taxes.

Reference no: EM13597317

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