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Felipe's Mexican Restaurant incurred salaries expense of $68,000 for 2024. The payroll sxpense includes smployer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the total salariss, 823,000 is subject to unemployment tax. Also, the company provides the following benefits for employees: health incarance (cost to the company, $2,900 ), life insurance (cost to the company, $370 ), and retirement bensfits (cost to thes company, 7% of salaries expense). (Click the icon to view payroll tax rate information.) Read the requirements. Requirement 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. Begin with the entry to accrue Felipe's employer payroll taxes. (Round all amounts to the nearest cent. Record debits first, then credits. Exclude explanations from journal entries.) For all payroll calculations, use the following tax rates and round amounts to the nearest cent: Employee: OASDI: 6.2% on first $132,900 earned; Medicare: 1.45% up to $200,000,2.35% on earnings above $200,000. Employer: OASDI: 6.2% on first $132,900 earned per employee; Medicare: 1.45%; FUTA: 0.6% on first $7,000 eamed per employee; SUTA: 5.4% on first $7,000 earned per employee. Requirements 1. Journalize Felipe's expenses for employee benefits and for payroll taxes. Explanations are not required. 2. What was Felipe's total expense for 2024 related to payroll

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