Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 80% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed as follows: 

Wages and salaries.................................................................................$2,000,000 

Employee contribution to voluntary retirement plan.......................84,000 

Medical insurance premiums.....................................................................42,000 

Life insurance premiums................................................................................9,000 

Federal income taxes to be withheld...................................................400,000 

Local income taxes to be withheld..........................................................53,000 

Payroll taxes: 

Federal unemployment tax rate.................................................................0.60% 

State unemployment tax rate (after SUTA deduction).......................5.40% 

Social Security tax rate..................................................................................6.20% 

Medicare tax rate...........................................................................................1.45% 

Required: 

Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the biweekly pay period. Assume that all employees’ cumulative wages do not exceed the relevant wage bases for Social Security. Also assume that all employees’ cumulative wages do exceed the relevant unemployment wage bases at the end of January