Question - Ones Corporation pays its employees monthly. The following information is available for the January payroll:
Gross wages $ 70000
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 Jone 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