Question
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages
Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1-14 pay period show that employees earned wages totaling $59,000 but that employee income taxes totaling $7,900 and FICA taxes totaling $3,075 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 $340 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? 1. Net Pay 2. Total Payroll Costs
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