Major Co Has Five Employees Each Of Whom Earns 2 500 Per Month And Have Been Emp (1)

Major Co. has five employees, each of whom earns $2,500 per month and have been employed since January 1. FICA Social Security taxes are 6.2% of the first $106,800 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Federal income tax withholding is 15% of gross pay. State income tax withholding is 8% of the dollar amount withheld for federal income tax purposes. Prepare the March 31 journal entry to record the March wage expense and related liabilities. (Round your answers to 2 decimal places. Omit the “$” sign in your response.)

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