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:

Required:

Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the

company for March.

& $3.$ 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.

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. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry

Required" in the first account field.$)$

Journal entry worksheet

Record the payroll for March including employee deductions: Salaries and

wages earned, $$550,000$; Employee income taxes withheld, $$50,875$; FICA

taxes withheld, $$39,325$; Unemployment taxes, $$3,825.$

Note: Enter debits before credits.