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Merger Co. has ten employees, each of whom earns $2,000 per month and has been...

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Accounting

Merger Co. has ten employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.

Prepare the March 31 journal entry to record the March payroll taxes expense.

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