Vacation Destinations offers its employees the option of contributing up to 7% 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 employees cumulative wages exceed the relevant wage bases. Payroll information for the first biweekly payroll period ending February 14 is listed below. Wages and salaries ..................$1,500,000 Employee contribution to voluntary retirement plan ..... 63,000 Medical insurance premiums paid by employer....... 31,500 Life insurance premiums paid by employer ......... 6,000 Federal and state income tax withheld ........... 375,000 Social Security tax rate ................. 6.20% Medicare tax rate .................... 1.45% Federal and state unemployment tax rate .......... 6.20% Required: 1. Record the employee salary expense, withholdings, and salaries payable. 3. Record the employer payroll taxes.