Question: Help Save & Exit Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total

 Help Save & Exit Gary Marks is paid on a monthly

Help Save & Exit Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $9,288. FICA tax for Social Security is 6.2% on the first $128,400 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 $1.541.17. What is the amount of the employer's payroll taxes expenses for this employee? (Round your intermediate calculations to two decimal places.) Multiple Choice $1,130,54 $42.00 O $378.00 O $575.86 O $134.68 Prev 1 of 10 HH Next >

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!