Falcon Company allows its employees to contribute to a 401(K) retirement account. The company matches 100% of all employee contributions. The company alss pays 80% of medical and life insurance premiums. Deductions relating to the plan for the first biwoekly payrol period of August are: Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums Life insurance premiums Federal income taxes to be withheld Local income taxes to be withheld Payroll taxes: Federal unemployment tax rate State unemployment tax rate (after SUTA deduction) Social Security tax rate Medicare tax rate $2.800,000 92.000 50,000 9,800 480,000 61,000 0.60% 5.40% 6.20% 1.45% What is the salaries payable for this period? OA $2,800,000 O B. $2,032,840 OC.$1,940,840 O D. $2,044,800 QUESTION 7 What is the payroll tax expense for this period? O A. $382,20o O B. $214,200 O C.$168,000 O D. $139,840