An Executive for ABC Corporation Earns $170,000 Per Year

Multiple Choice

An executive for ABC Corporation earns $170,000 per year.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 $7,000 of an employee's pay.What is the amount of the employer's payroll taxes expenses for this employee?

A) $10,351.40
B) $13,005.00
C) $23,205.00
D) $10,771.40
E) $10,150.80