Exercise 11.7 Computing FUTA tax. LO 11-6 On January 31, AC Baking Company prepared its Employer's Annual Federal Unemployment Tax Return, Form 940. During the previous year, the business paid total wages of $462,150 to its 14 employees. Of this amount, $98,000 was subject to FUTA tax. Usingg a rate of 0.6 percent, determine the FUTA tax owed and the balance due on January 31, 2019, when Form 940 was filed. A deposit of $300 was made during the year. Gross tax Less: Deposit Net tax payable