UJIONLOOPO ) An employee earned $62,500 during the year working for an employer. The FICA tax rate for Social Security is 6.2% and the FICA tax rate for Medicare is 1.45%. The current FUTA tax rate is 0.8%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee's pay. What is the amount of total unemployment taxes the employee must pay? A company's property records revealed the following information about its plant assets Salvage Purchase Depreciation Method Machine Cost No. Value Date and Estimated Life $42,000 $3,000 10/01 Straight-line (3 years) 2 $86,000 $8,600 7/01 Double-declining balance (5 years) alculate the depreciation expense for each machine for the year ended December 31 for Year 1, and for the year ended December 31 for Year 2 Machine 1: Year 1 Year 2 Machine 2: Year 1: Year 2