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Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,688, Federal
Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,688, Federal insurance Contributions Act (FICA) tax for Social Security is 6.2% on the first $137,700 of eamings each calendar year and the Federal Insurance Contributions Act (FICA) tax for Medicare is 1.45% of all eamings. The Federal Unemployment Taxes (FUTA) tax rate is C 0.6%, and the i State Unemployment Taxes (SUTA) tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. The amount of Federal Income Tax withheld from his eamings was $1441.57 What is the amount of the employer's payroll taxes expense for this employee? (Round your intermediate calculations to two decimal places.) Multiple Choice O O $100464 $230530 $2.62749 $552 $43000
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