Required 1. Considering both employee and employer payroll taxes, use the preced

Question

Required 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company. Total Labor Cost 2.&3.Prepare the journal entry to record the payroll for March, including employee deductions (but excluding employer payroll taxes), employer's FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list X: Record the payroll for March including employee deductions: Salaries and wages earned, $570,000; Employee income taxes withheld, $52,725; FICA taxes withheld, $40,755; Unemployment taxes, $3,965. 1 and FICA 2 Record the employer's FICA taxes and unemployment taxes: Salaries and wages earned, $570,000; Employee income taxes withheld, $52,725; FICA taxes withheld, $40,755; Unemployment taxes, $3,965 Credit Note : journal entry has been entered

Explanation / Answer

The total labor cost was $614,720, made up of the $570,000 in gross salaries and wages plus the $40,755 for employer FICA taxes and $3,965 for unemployment taxes.

Salaries and wages expense

570000

Withheld income taxes payable

52725

FICA payable

40755

Cash

663480

Payroll tax expense*

44720

Unemployment taxes payable

3965

FICA payable

40755

Payroll for March including employee deductions*

Salaries and wages expense

570000

Withheld income taxes payable

52725

FICA payable

40755

Cash

663480

Payroll tax expense*

44720

Unemployment taxes payable

3965

FICA payable

40755

Payroll for March including employee deductions*

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