Felipe's Mexican Restaurant incurred salaries expense of $$59,000$ for $2024.$ The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $$18,000$ is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance $($cost to the company, $$2,500),$ life insurance $($cost to the company, $$410),$ and retirement benefits $($cost to the company, $9\%$ of salaries expense$).$

$($Click the icon to view payroll tax rate information.$)$

Read the requirements.

Requirement $1.$ Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required.

Begin with the entry to accrue Felipe's employer payroll taxes. $($Round all amounts to the nearest cent. Record

$\backslash$table$[[$Date$,$Accounts,Debit,Credit$],[,$Payroll Tax Expense,,$],[,$FICA$-$OASDI Taxes Payable,,$],[,$FICA$-$Medicare Taxes Payable,,$],[$Federal Unemployment Taxes Payable,,,$],[,$State Unemployment Taxes Payable,,$]]$

More info

For all payroll calculations, use the following tax rates and round amounts to the nearest cent:

Employee: OASDI: $6\mathrm{.}2\%$ on first $$132,900$ earned; Medicare: $1\mathrm{.}45\%$ up to $$200,000,2\mathrm{.}35\%$ on earnings above $$200,000.$

Employer: OASDI: $6\mathrm{.}2\%$ on first $$132,900$ earned per employee; Medicare.

$1\mathrm{.}45\%$; FUTA $0\mathrm{.}6\%$ on first $$7,000$ earned per employee, SUTA:

$5\mathrm{.}4\%$ on first $$7,000$ earned per employee.