Response to the following problem:
Tower Controls Co. had a gross salary payroll of $750,000 for the month ending March 31. The complete payroll is subject to a FICA tax rate of 7.5%. Only $30,000 of this payroll is subject to state and federal unemployment taxes of 4% and 0.5%, respectively.
The employees' income tax withholding is $142,500.
a. Record the March 31 payroll.
b. Record the March 31 payroll taxes.