Question: 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

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 $420.00

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