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Problem 13-13 (Algo) Payroll-related liabilities (Appendix 13) Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries,

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Problem 13-13 (Algo) Payroll-related liabilities (Appendix 13) Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their salaries, with the contribution being matched by Alamar. The company also pays 85% of medical and life insurance premiums. Deductions relating to these plans and other payroll information for the first biweekly payroll period of February are listed as follows: 59 Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums Life insurance premiums Federal income taxes to be withheld Local income taxes to be withheld Payroll taxes: Federal unemployment tax rate State unemployment tax rate Social Security tax rate Medicare tax rate $2,200,000 86,800 44,000 9,200 420,000 55,000 0.60% S. 40% 6.20 1.45% Required: Prepare the appropriate journal entries to record salaries expense and payroll tax expense for the biweekly pay period. Assume that all employees cumulative wages do not exceed the relevant wage bases for Social Security, FUTA or SUTA Salaries are not yet paid If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 > Record salaries and wages expense. Not Enter debits before credits Event General Journal Debit Credit Problem 13-13 (Algo) Payroll-related liabilities (Appendix 13] Alamar Petroleum Company offers its employees the option of contributing retiremer contribution being matched by Alamar. The company also pays 85% of medical and li these plans and other payroll information for the first biweekly payroll period of Febru Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums Life insurance premiums Federal income taxes to be withheld Local income taxes to be withheld Payroll taxes: Federal unemployment tax rate State unemployment tax rate Social Security tax rate Medicare tax rate $2,200,000 86,000 44,000 9,200 420,000 55,000 0.60% 5.40% 6.20% 1.45% Required: Prepare the appropriate journal entries to record salaries expense and payroll tax expens all employees' cumulative wages do not exceed the relevant wage bases for Social Secur (If no entry is required for a transaction/event, select "No journal entry required in the View transaction list Journal entry worksheet Record salaries and wage expense for fringe benefits provided by the employer. Note: Enter debits before credits: Event General Journal Debit Credit

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