Gary Marks Is Paid on a Monthly Basis

question 103

Multiple Choice

Gary Marks is paid on a monthly basis.For the month of January of the current year,he earned a total of $8,288.FICA tax for Social Security is 6.2% on the first $127,200 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 $1,375.17.What is the amount of the employer's payroll taxes expenses for this employee? (Round your intermediate calculations to two decimal places.)

• A)$2,009.21
• B)$1,131.31
• C)$2,506.48
• D)$420.00
• E)$1,054.04

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Cohabitant's Protection

Legal measures or policies intended to safeguard individuals living together in a non-marital relationship from abuse, violence, or unfair treatment.

Financial Matters

Topics or situations involving money management, investments, budgets, and other monetary considerations.

Joint Ownership

The shared possession of property or assets by two or more parties.

Ethnic Groups

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