Question - Jones Corporation pays its employees monthly. The following information is available for the January payroll:
Gross wages $ 70,000
FICA Rate 8%
Unemployment taxes:
Federal 0.5%
State 2.7%
Federal Income Tax Withheld $ 14,000
All employees' salaries are subject to the tax rates mentioned above for Jones Corporation.
Using the information above, the company's total expense related to the January payroll is
A) $84,000.
B) $75,600.
C) $77,840.
D) $70,000.