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Business, 12.10.2021 14:00 Geo777

Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8,688. 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 $1,441.57. What is the amount of the employer's payroll taxes expense for this employee?

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