McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned $ 570,000 Employee income taxes withheld 52,725 FICA taxes withheld 40,755 Unemployment taxes 3,965 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.
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details: Salaries and wages earned $ 570,000 Employee income taxes withheld 52,725 FICA taxes withheld 40,755 Unemployment taxes 3,965 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
McLoyd Company completed the salaries and wages payroll for March. The payroll provided the following details:
| Salaries and wages earned | $ | 570,000 | |
| Employee income taxes withheld | 52,725 | ||
| FICA taxes withheld | 40,755 | ||
| 3,965 | |||
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education