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Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of...

Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their wages or 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:
   

Wages and salaries $ 3,400,000
Employee contribution to voluntary retirement plan 98,000
Medical insurance premiums 56,000
Life insurance premiums 10,400
Federal income taxes to be withheld 540,000
Local income taxes to be withheld 67,000
Payroll taxes:
Federal unemployment tax rate 0.60 %
State unemployment tax rate (after FUTA deduction) 5.40 %
Social Security tax rate 6.20 %
Medicare tax rate 1.45 %

   
Required:
Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the biweekly pay period. Assume that no employee’s cumulative wages exceed the relevant wage bases for Social Security, and that all employees’ cumulative wages do exceed the relevant unemployment wage bases. Salaries are not yet paid. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
  

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Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of...
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of their wages or 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:     Wages and salaries $ 2,900,000 Employee contribution to voluntary retirement plan 93,000 Medical insurance premiums 51,000 Life insurance premiums 9,900...
Alamar Petroleum Company offers its employees the option of contributing retirement funds up to 5% of...
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 80% 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:    Wages and salaries $ 2,300,000 Employee contribution to voluntary retirement plan 87,000 Medical insurance premiums 45,000 Life insurance premiums 9,300 Federal income...
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