The Federal Unemployment Tax Act (FUTA) specifies that an employer pay 6% unemployment tax on the first
$7000 of earned income per employee. If the employer
pays into a state unemployment insurance program,
they will receive a 5.4% credit. The after-credit FUTA tax
rate is therefore 0.6%.
If a business has 75 employees, who each earn more than
$7000 per year in wages, what is the business's yearly
FUTA tax payment?
FUTA tax payment = $ [?]
Round to the nearest hundredth.
.