Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 6% of their salaries. Assume that no employees cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below.

Wages and salaries	$	2,050,000
Employee contribution to voluntary retirement plan		102,500
Medical insurance premiums paid by employer		41,000
Dental insurance premiums paid by employer		14,350
Life insurance premiums paid by employer		7,175
Federal and state income tax withheld		440,750
FICA tax rate		7.65	%
Federal and state unemployment tax rate		6.20	%

Required:

1., 2. & 3. Record the necessary journal entries.

• 1

  Record the employee salary expense, withholdings, and salaries payable.

• 2

  Record the employer-provided fringe benefits.

• 3

  Record the employer payroll taxes.