Ricardo’s Mexican Restaurant incurred salaries expense of $ 65,000 for 2014. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $ 17,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $ 2,060), life insurance (cost to the company, $ 350), and retirement benefits (cost to the company, 7% of salaries expense).
Journalize Ricardo’s expenses for employee benefits and for payroll taxes. Explanations are not required.