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 $128,400 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. $378.00
B. $551.06
C. $1099.94
D. $128.88
E. $42.00
Answer: C
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