An employee earned $4,800 in February working for an employer Cumulative earnings of the previous pay periods are $5,000. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 62% of the first $137700 of earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 145% of all earnings. The current Federal Unemployment Taxes (FUTA) tax rate is 0.6%, and the State Unemployment Taxes (SUTA) tax rate is 5.4% Both unemployment taxes are applied to the first $7.000 of an employee's pay What is the amount the employer should record as payroll taxes expense for the month of February? Multiple Choice $60720 Multiple Choice O $607.20 O $100.00 $367.20 O $487.20 $240.00