Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,438. 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 06%, and the SUTA tax rate is 54%. 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 $1,400.07 What is the amount of the employer's payroll taxes expenses for this employee? (Round your intermediate calculations to two decimal places) Multiple Choice $122.35 $42.00 $378.00 $1,065.51 $523.16