60.1K

Verified Solution

Link Copied!

E10-3 (Algo) Recording Payroll Costs [LO 10-2] Mcloyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for Mareh. 2. 8 3. Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer paytoll 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 exduding 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 Recaulred in the first sccount field) Journal entry worksheet 2 Record the payroll for March including employee deductions: Salaries and wages earned, $520,000; Employee income taxes withheld, $48,100; FICA taxes withheld, $37,180; Unemployment taxes, $3,615. Note: Enter debits before crendits. Journal entry worksheet Record the employer's FICA toxes and unemployment taxes: Salaries and wages earned, $520,000; Employee income taxes withheld, $48,100; FICA taxes withheld, $37,180; Unemployment taxes, $3,615. Nobet Enter debits before credits

Answer & Explanation Solved by verified expert

See Answer