Recording payroll costs mcloyd company completed the salary, Ask an Expert

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Recording Payroll Costs McLoyd Company completed the salary and wage payroll for March 2010. The payroll provided the following details:

Salaries and wages earned $ 230,000
Employee income taxes withheld 50,200
FICA taxes withheld 16,445
Unemployment taxes 1,600

Required: 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company. 2. Prepare the journal entry to record the payroll for March, including employee deductions.3. Prepare the journal entry to record the employer's FICA taxes and unemployment taxes.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9974894

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