Gary Marks Is Paid on a Monthly Basis

question 67

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 $118,500 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) $420.00
• B) $2,009.21
• C) $2,506.48
• D) $1,131.31
• E) $1,054.04

Calculate conditional probabilities in various contexts.

Apply probability rules to real-life scenarios involving demographics and health statistics.

Analyze statistical data to determine relationships between different variables.

Interpret data tables to calculate specific probabilities.

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Definitions:

Netflix

A streaming platform offering a wide variety of TV shows, movies, anime, documentaries, and more on thousands of internet-connected devices.

Property Costs

Expenses associated with owning or renting physical spaces, including warehouses, offices, or retail outlets, such as leases, taxes, maintenance, and utilities.

Traditional Model

A conventional framework or approach often based on historical methods or practices in various fields such as economics or management.

Information Costs

The costs incurred in obtaining, processing, and transmitting data necessary for business operations.