The total payroll for all it's employees for A company was $172,000 for the current month. The FICA-Social security rate is 6.2%, Medicare tax rate is 1.45%. None of the employees have reached the limit for FICA taxes. Only $42,000 of the payroll is subject to unemployment taxes. The FUTA rate is 0.8% and SUTA rate is 2.9% of gross salary for all employees. In addition, employee federal income taxes are $43,000 and employee medical insurance deductions are $15,000. Given these facts what is the amount recorded by the company for Payroll Tax expense for the current month? Please explain how you determined your answer.
A. $72,712
B. $14,712
C. $19,522
D. $99,288