Since the SUTA rates changes are made at the end of each year, the available 2021 rates were used for PUTA and BUTA Note: For this textbook edition the rate 0.6% was used for the net FUTA tax rate for employers. Example 5-5 Sutcliffe Company had taxable ages totaling $57,500. During the year, the company paid some of its state contributions after the January 31 bott of the following year. The penalty for tartines in shown in the following calulation of the firm'at T Amount of gross PUTA tax ($87,500 x 5.0%) State taxable wages Suffy's Ax Subdiff's SUTA tax Breakdown of Sutcliffe's UTA as payments: Before 1/31 cutoff-$3,000 x 100% credit After 1/31 outoff $1,72890% credit Amount of PUTA Lux $5,250.00 $87,500 - 3.4% $4,725 (3,000.00) (1,552.50) $697.50 the company had made timely payments of its state contributions, the amount afite nat TUTA two would have been reduced to $525, forvings of $172.50, as follows: Amount of gross FUTA tax ($87,500 6.0%) Total table was Credit against tax $5,250.00 $87,500 5.4% Total credit 4,725.M Amount of net FUTA tax (587,500 x 0.6%) $ 323.00 $697.50 $525.00 $172.50 savings Example 5-6 Park Company has a $70,000 federal and state lovable payroll and has carred a reduced state tax rate of 4 percent. If none of its state tax payments are timely, the FUTA tax calculation is as follows: G PUTA tax (670,000 x 0,060) Le 90% credit for alte texts paid late ($70,000 0.04 - 2046) $4,200 Les additional credit for state tax if rate were 5.4% [$70,000 x (0.054 -0.04)] 950 NFUTA tax 3,500 5700 If Park Company had made its SUTA payments before the due date of Form 940, the credit for the payments (4%) and the additional credit (1.4%) would have provided a total credit of $7,780 and a TUTA tax savings of $200. Peroni Company paid wages of $168,300 this year. Of this amount, $120,800 was taxable for net FUTA and SUTA purposes. The state's contribution tax rate is 3.1% for Peroni Company. Due to cash flow problems, the company did not make any SUTA payments until after the Form 940 filing date. Compute the following: round your answers to the nearest cent. a. Amount of credit the company would receive against the FUTA tax for its SUTA contributions b. Amount Chat Peroni Company would pay to the federal government for PUTA c. Amount that the company lost because of its late payments