Robertson Company paid wages of $515,000 for the year. Included in the payments was $250,000 paid to hourly employees over the $7,000 limit for each employee. The only employees who were not paid hourly were the president and vice president who were paid $125,000 and $90,000, respectively. Included in the wages was a payment of $2,000 to a director who only attended director meetings. Since the FUTA wage limit is $7,000 per employee, Robertson Company would pay a FUTA tax on $62,000 [$515,000 - $250,000 - $201,000 (president and vice president over the limit by $118,000 and $83,000, respectively) - $2,000 (director's pay)].