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please do it in 10 minutes will be upvote Gary Marks is paid on a monthly basis. For the month of January of the current
please do it in 10 minutes will be upvote
Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9,088. 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 $1,507.97. What is the amount of the employer's payroll taxes expense for this employee? (Round your intermediate calculations to two decimal places.) $2,748.49 $1,115.24 $1,240.52 $2,202.30 $420.00Step by Step Solution
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