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 75% 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: Hages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums Life Insurance premium Federal income taxes to be withheld Local Income taxes to be withheld Payroll taxes Federal unemployment tax rate State unemployment tax rate (after SUTA deduction) Social Security tax rate Medicare tax rate 53,500,000 99,000 57,000 10,500 550,000 68,000 0.60% 5.40% 6.2011 1.49% 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, FUTA or SUTA Salaries are not yet paid (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet 1 2 3 > Record salaries and wages expense. Journal entry worksheet