McLaughlin Manufacturing has the following data available for its March $31$ payroll:

Wages eamed

$$1,750,{000}^{**}$

Federal income taxes withheld

$252,840$

$*$All subject to Social Security and Medicare matching and withholding at $6\mathrm{.}2\%$ and $1\mathrm{.}45\%,$ respectively.

Federal unemployment taxes of $0\mathrm{.}50\%$ and state unemployment taxes of $0\mathrm{.}80\%$ are payable on the first $$1,000,000.$

Required:

Compute the taxes payable and wages that will be paid to employees. Then prepare the journal entries to record the wages earned and the payroll taxes

Conceptual Connection: McLaughlin Manufacturing would like to hire a new employee at a salary of $$60,000.$ Assuming Social Security and Medicare taxes are as described earlier in the problem $($with unemployment taxes paid on the first $$7,000)$ and fringe benefits $($e$.$g$,$ health insurance, retirement, etc.$)$ are $28\%$ of gross pay, what will be the total cost of this employee for McLaughlin?

$1$a$.$ Compute the taxes payable and wages that will be paid to employees.

Social Security

Medicare

State unemployment

Federal unemployment

Net pay

$1$b$.$ Prepare the journal entries for the transactions on March $31.$

General Journal Instructions

All transactions on this page must be entered $($except for post ref$($s$))$ before you will receive Check My Work feedback.

GENERAL JOURNAL

$\backslash$table$[[,$DATE,ACCOUNT,PREDIT$],[1,$Mar. $31,,],[2,,,],[3,,,],[4,,,],[5,,,]]$

Conceptual Connection: McLaughlin Manufacturing would like to hire a new employee at a salary of $$60,000.$ Assuming Social Security and Medicare taxes are as described earlier in the problem $($with unemployment taxes paid on the first $$7,000)$ and fringe benefits $($e$.$g$.,$ health insurance, retirement, etc.$)$ are $28\%$ of gross pay, what will be the total cost of this employee for McLaughlin?

Total Cos