Question
Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,988. FICA tax
Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,988. FICA tax for Social Security is 6.2% on the first $118,500 of earnings each calendar year and the FICA tax for Medicare is 1.45% of all earnings. The FUTA tax rate is 0.6%, and the 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 earnings was $1,491.37. What is the amount of the employer's payroll taxes expenses for this employee? (Round your intermediate calculations to two decimal places.)
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