Question

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

considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company for march.

Answer 1

To calculate the total labor cost for the company for March, add the salaries and wages earned by the employees to the total payroll taxes paid by the employer. In this case, the total labor cost is $667,445.

Step-by-step explanation:

To calculate the total labor cost for the company for March, we need to consider both employee and employer payroll taxes. The total labor cost consists of the salaries and wages earned by the employees plus the payroll taxes paid by the employer. In this case, the salaries and wages earned amount to $570,000. The total payroll taxes paid by the employer, which include employee income taxes withheld, FICA taxes withheld, and unemployment taxes, amount to $52,725 + $40,755 + $3,965 = $97,445.

Therefore, the total labor cost for the company for March would be the sum of salaries and wages earned and the total payroll taxes paid: $570,000 + $97,445 = $667,445.