Merger Co. has ten employees, each of whom earns $2,000 per month and has been employed since January 1.
FICA Social Security taxes are 6.2% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay.
FUTA taxes are 0.8% and SUTA taxes are 5.4% of the first $7,000 paid to each employee.
Prepare the March 31 journal entry to record the March payroll taxes expense.