JKL Company has 2 employees that are paid wages on a weekly basis for the week ended Feb. 14, (yr):

Employee # 1 makes $14.00/hour. He worked for 50 hours for the week and his withholding tax = $125.00. He contributes $20.00 to United Way.

Employee # 2 makes $18.00/hour. He worked for 46 hours for the week and his withholding tax = $140.00. He contributes 5% of his gross pay to 401K retirement plan.

JKL Company matches the retirement contributions of their employees. Their state unemployment tax rate is 3% and federal unemployment is .6%. None of the employees have reached the limit for unemployment taxes. Workmens compensation insurance premium rate is 4% for each employee and the limit has not been reached.

Requirement # 1: Compute JKL Companys mandatory contributions.

Requirement # 2: Compute JKL Companys voluntary contributions.

Requirement # 3: Prepare the necessary journal entry to record the payroll of JKL Company, assuming that the company does not use a separate payroll account.

Requirement # 4: Prepare the necessary journal entry to record the payroll taxes imposed on JKL Company. Requirement # 8: Prepare the necessary journal entry to record the voluntary contributions.