Exercise 11.7 (Algo) 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, $96,000 was subject to FUTA tax. Using a rate of 0.6 percent, determine the FUTA tax owed and the balance due on January 31, when Form 940 was filed. A deposit of $356 was made during the past year that applied to total tax due. Gross tax Net tax payable