8-4A (Algo) Record payroll (LO8-3) Hal's Heavenly Creations offers its employees the option of contributing up to 7% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries Employee contribution to voluntary retirement plani Medical insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld Social Security tax rate: Medicare tax rate Federal and state unemployment tax rate Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. $850,000 35,700 17,850 3,400 212,500 6.20% 1.45% 6.20% Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) 13 nts Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. No Date 1 February 14 Salaries Expense General Journal Debit Credit Employee Income Tax Payable FICA Tax Payable Fringe Benefits Payable (Retirement Plan) Salaries Payable 00000 850,000 212,500 2 February 14 Salaries Expense 3 February 14 Fringe Benefits Payable (Life Insurance) Fringe Benefits Payable (Medical Insurance) Fringe Benefits Payable (Retirement Plan) Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable 0000 000