E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salary and wage payrall for...
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E10-3 Recording Payroll Costs [LO 10-2] McLoyd Company completed the salary and wage payrall for March. The payroll provided the following details: Salaries and wages earned Employee income taxes withheld FICA taxes withheld Unemployment taxes $550,000 50,875 39,325 3,825 Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company. Total 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. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet
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