A Ferguson, Spiceland 4th ed. ACCT 201 Chapter 8 In Class Problem 8-4A Record payroll (LO8-3) Vacation Destinations offers its employer matching their contribution. The company curmulative wages exceed the relevant wage bases. Payroll the option of contributing up to 7% of their salaries to a voluntary retire ment plan, with the listed also pays 100% of medical and life insurance Assume information for the first biweekly payroll perlod ending Fobruary 14 is below Wages and salaries Employee contribuson to voluntary re rement plan 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 1,500,000 63,000 31,500 6,000 375,000 620 % 1.45 % 6.20 % uired: the employee 9, withholdings, andsalaries 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 required" in the first account field.) Debit Credit on