90.2K

Verified Solution

Link Copied!

Saved Help E10-3 (Algo) Recording Payroll Costs [LO 10-2] McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wagen earned $ 470,000 Employee income taxes withheld 43,475 TICA taxes withheld 33,605 Unemployment taxes 3,265 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 Complete this question by entering your answers in the tabs below. Req1 Req 2 and 3 Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for March Total Labor Cost Reg 2 and 3 > compiere this question by entering your answers in the tabs Delow. Req 1 Reg 2 and 3 Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes) a record employer's FICA taxes and unemployment taxes. (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 1 2 > Record the payroll for March including employee deductions: Salaries and wages earned, $470,000; Employee income taxes withheld, $43,475; FICA taxes withheld, $33,605; Unemployment taxes, $3,265. Note: Enter debits before credits General Journal Debit Credit Dato March 31 Record entry Clear entry View general Journal

Answer & Explanation Solved by verified expert

See Answer