Business, 06.05.2020 20:40 bananaslugs

McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details:

Salaries and wages earned $ 450,000
Employee income taxes withheld 41,625
FICA taxes withheld 32,175
Unemployment taxes 3,125
Required:

1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March.

2, & 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) and record employer’s FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted.

Answers: 1

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McLoyd Company completed the salaries and wages payroll for March. The payroll provided the followin...