Almar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their wages or salaries, with the contribution being matched by Alamar. The company also pays 80% of medical and life insurance premiums. Deductions relating the 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 0.80% State unemployment tax rate (after FUTA deduction) 5.40% Social Security tax rate 6.2% Medicare tax rate 1.45% Required: Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the biweekly pay period. Assume that no employee's cumulative wages exceed the relevant wage bases