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An employee earned $4,600 in February working for an employer. Cumulative earnings of the previous...

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Accounting

An employee earned $4,600 in February working for an employer. Cumulative earnings of the previous pay periods are $4,800. The Federal Insurance Contributions Act (FICA) tax rate for Social Security is 6.2% of the first $137,700 of earnings each calendar year and the Federal Insurance Contributions Act (FICA) tax rate for Medicare is 1.45% of all earnings. The current 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 employees pay. What is the amount the employer should record as payroll taxes expense for the month of February? Multiple Choice $581.90 $110.00 $351.90 $483.90 $230.00

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