Denise Co. has five employees, each of whom earns $3,000 per month and has been employed since

Question:

Denise Co. has five employees, each of whom earns $3,000 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.