E$10-3($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 wages earned $ $430,000$

Employee income taxes withheld $39,775$

FICA taxes withheld $30,745$

Unemployment taxes $2,990$

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.