Example 5-8 1. The Iqbal Company of Georgia had a FUTA taxable payroll of $215,600 and a SUTA taxable payroll of $255,700 with a 5.6 percent SUTA tax rate. The company would pay unemployment taxes of: FUTA $215,600 x 0.006 - $ 1.293.60 SUTA $255,700 x 0.056 14,319.20 Total taxes $15,612.80 2. Kresloff Company has only two employees and is located in a state that has set an unemployment tax for the company of 4.8 percent on the first $12,000 of each employee's earnings. Both employees are paid the same amount each week ($900) and have earned $11,500 up to this week's pay. The unemployment taxes that the company must pay for this week's pay would be $48. FUTA tax (both over $7,000) - $0.00 SUTA tax ($1,000 X 0.046) - $48.00 ($500 of each employee's pay is under the state taxable limit of $12,000) yton Company's payroll for the year is $737,910. Of this amount, $472,120 is for wages paid in excess of $7,000 to each individual mployee. The SUTA rate in Peyton Company's state is 2.9% on the first $7,000 of each employee's earnings. Compute: pund your answers to the nearest cent. Net FUTA tax Net SUTA tax Total unemployment taxes