Problem $8-4$A $($Algo$)$ Record payroll $($LO$8-3)$

Pigeon Forge Adventures offers its employees the option of contributing up to $6\%$ of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays $100\%$ of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February $14$ is listed below.

Wages and salaries $$750,000$

Employee contribution to voluntary retirement plan $31,500$

Medical insurance premiums paid by employer $15,750$

Life insurance premiums paid by employer $3,000$

Federal and state income tax withheld $187,500$

Social Security tax rate $6\mathrm{.}20\%$

Medicare tax rate $1\mathrm{.}45\%$

Federal and state unemployment tax rate $6\mathrm{.}20\%$

Required:

$1.$ Record the employee salary expense, withholdings, and salaries payable.

$2.$ Record the employer$-$provided fringe benefits.

$3.$ Record the employer payroll taxes.

Record the necessary entry for the scenarios given above. $($If no entry is required for a transaction$/$event$,$ select $"$No Journal Entry Required" in the first account field.