Answer:
employer payroll taxes:
1) total labor cost = total wages + total employer payroll taxes = $550,000 + $43,150 = $593,150
2)
March 31, wages and salaries
Dr Wage expense 550,000
  Cr Cash 459,800
  Cr Federal income tax withholding payable 50,875
  Cr FICA taxes withholding payable (employees) 39,325
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3)
March 31, employer payroll taxes
Dr FICA taxes expense  39,325
Dr Unemployment tax expense 3,825
  Cr FICA taxes payable 39,325
  Cr Unemployment taxes payable 3,825
1. Here, we will calculate the total labor cost for the company for March. 2.
The computation of the employer payroll taxes:
FICA taxes (social security and medicare) = $39,325
Unemployment taxes = $3,825
Then, total employer payroll taxes is $43,150 ($39,325 + $3,825)
The total labor cost = Total wages + Total employer payroll taxes
The total labor cost = $550,000 + $43,150
The total labor cost = $593,150
2) Journal entry to record the payroll for March including the employee deductions but excluding employer payroll taxes
Date      Account titles          Debit      Credit
March 31   Wages and salaries     $550,000
              Federal income tax          $50,875
              withholding payable
              FICA taxes withholding       $39,325
              payable (employees) Â
              Cash                      $459,800
3. Journal entry to Record employer’s FICA taxes and unemployment taxes.
Date         Account titles          Debit      Credit
March 31     FICA taxes expense     $43,150
               FICA taxes payable            $39,325
               Unemployment taxes payable   $3,825
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