Short-term employee benefits

1. Daybreak Co.'s payroll for the period is as follows: Basic salaries

Cost of living allowances (COLA)

460,000

SSS contribution (employee's share)

20,000 11,626

SSS contribution (employer's share) PhilHealth contribution (employee's share)

PhilHealth contribution (employer's share)

24,173

6,000

Pag-IBIG (employee's share)

6,000

2,000

Pag-IBIG (employer's share) Withholding taxes on salaries

2,000

9,112

Requirements:

a. Compute for the salaries expense.

b. Compute for the "take-home" salaries of the employees. c. Provide the journal entry.