Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers. Example 5-8 1. 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$215,6000.006=$1,293.60SUTA$255,7000.056=14,319.20Totaltaxes$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($1,0000.048)=$48.00 ( $500 of each employee's pay is under the state taxable limit of $12,000 ) $7,000 of each employee's earnings. Compute: Round your answers to the nearest cent