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McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details:...

McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details:

Salaries and wages earned $ 420,000

Employee income taxes withheld 38,850

FICA taxes withheld 30,030

Unemployment taxes 2,920

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. Employees were paid in March but amounts withheld were not yet remitted. (PLEASE PROVIDE TWO SEPERATE JOURNAL ENTERIES)

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