Business, 16.04.2020 23:30 KetaFord1978

McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned $ 460,000 Employee income taxes withheld 42,550 FICA taxes withheld 32,890 Unemployment taxes 3,200 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.

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

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