Delta Company has an employee who is hired at an annual salary of $48,000. Income tax of $16,200 is deducted from the employee's pay cheques over the year. In addition, the company withholds CPP of 5% and EI of 2% from each pay cheque, as the employee's contribution for these payroll taxes. The company is also responsible for paying an additional 5% for CPP and 2.8% for EI to the government, as the employer's contribution for payroll taxes. What is the company's total annual cost of hiring this employee?

$48,000

$51,744

$55,104

$67,560