Since the SUTA rates changes are made at the end of each year and there is much discussion about changes to the FUTA rate, the avaiable 2016 rates were used for FUTA and SUTA. Note: For this textbook edition the rate 0.6% was used for the FUTA tax rate for employers. Example 5-6 The 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 $215,600 x 0.006 = $1,293.60 SUTA $255,700 x 0.056 S!4,319.20 TOTAL TAXES 15,612.80 Peyton Company's payroll ror the year is S739 530 or this amount $470 050 s rur wages paid in excess or s 7,000 to each individual employee. The su TA rate in Peyton employee's earnings. Compute Round your answers to the nearest cent. a. Net FUTA tax b. Net SUTA tax c. Total u mpanys state is 2.9% onthef $7.000 l each t taxes