Answered step by step
Verified Expert Solution
Question
1 Approved Answer
help pls :) Gary Marks is paid on a monthly basis. For the month of January of the current year he earned a total of
help pls :)
Gary Marks is paid on a monthly basis. For the month of January of the current year he earned a total of $8.938. Federal Insurance Contributions Act (FICA) tax for Social Security is 6.2% on the first $137,700 of earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax for Medicare is 1.45% of all earnings. The 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. The amount of Federal Income Tax withheld from his earnings was $1.483.07 What is the amount of the employer's payroll taxes expense for this employee? (Round your intermediate calculations to two decimal places.) Multiple Choice $2,165.92 $1,220.04 $1,103 75 $420,00 $2703.11 Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started