Total cost of Employee G. E. Spring employs Trent Pelligrini at a salary of $46,800 a year. Spring is subject to employer Social Security taxes at a rate of 6.2% and Medicare taxes at a rate of 1.45% on Pelligrini's salary. In addition, Spring must pay SUTA tax at a rate of 5.5% and FUTA tax at a rate of 0.7% on the first $7,000 of Pelligrini's salary. Compute the total cost to Spring of employing Pelligrini for the year. If required, round your answer to the nearest cent