Gary Marks is paid on a monthly basis. For the month of January of the current year, he earned a total of $8888. 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 $7000 of an employee's pay. The amount of Federal Income Tax withheld from his earnings was $1474.77. What is the amount of the employer's payroll taxes expenses for this employee? (Round your intermediate calculations to two decimal places.)
A. $1099.94
B. $2634.66
C. $420.00
D. $2687.99
E. $1213.22
Answer: A
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