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Exercise $11\mathrm{.}7($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 $$523,770$ to its $14$ employees. Of this amount, $$87,000$ was subject to FUTA tax. Using a rate of $0\mathrm{.}6$ percent, determine the FUTA tax owed and the balance due on January $31,$ when Form $940$ was filed. A deposit of $$292$ was made during the past year that applied to total tax due.

$\backslash$table$[[$Gross tax,$],[$Less: Deposit,$],[$Net tax payable,vdots