Jose's Mexican Restaurant incurred salaries expense of $60,000 for 2024. The payroll expense includes employer KFICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salaries, $24,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health insurance (cost to the company, $2,200), life insurance (cost to the company, $410), and retirement benefits (cost to the company. 5% of salaries expense). (Click the icon to view payroll tax rate information.) Read the requirements. Date Payroll Tax Expense FICA-OASDI Taxes Payable FICA-Medicare Taxes Payable Accounts Debit Credit 6.030.00 3,720.00 870.00 144.00 1,296.00 Federal Unemployment Taxes Payable State Unemployment Taxes Payable Now record the accrual of Jose's employee benefit expenses. Date Accounts Employee Benefits Expense Employee Health Insurance Payable Employee Life Insurance Payable Employee Retirement Benefits Payable Debit Credit More info For all payroll calculations, use the following tax rates and round amounts to the nearest cent Employee: Employer: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000, 2.35% on earnings above $200,000. OASDI: 6.2% on first $132,900 earned per employee; Medicare: 1.45%; FUTA: 0.6% on first $7,000 earned per employee; SUTA: 5.4% on first $7,000 earned per employee. Cancel Crec 3,72 87 14- 1,29