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Lightning Electronics is a midsize manufacturer of lathium batteries. The comparry's paytoll records for the November 114 pay period show that employees earned wages totaling
Lightning Electronics is a midsize manufacturer of lathium batteries. The comparry's paytoll records for the November 114 pay period show that employees earned wages totaling $50,000 but that employee income taxes totaling $7,000 and FICA toxes totaling $2,625 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. Required: 1. What was the amount of net pay? 2. Assuming Lightning Electronics also must pay $250 of unemployment taxes for this pay period, what amount would be reported as. the total payroll costs
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