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Find the company total expense related to january payroll

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Reference no: EM131778244

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.

Reference no: EM131778244

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