Lightning Electronics is a midsize manufacturer of lithium batteries. The companys payroll records for the November 114
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Question:
Lightning Electronics is a midsize manufacturer of lithium batteries. The companys payroll records for the November 114 pay period show that employees earned wages totaling $68,000 but that employee income taxes totaling $8,800 and FICA taxes totaling $3,525 were withheld from this amount. The net pay was directly deposited into the employees bank accounts.
1. | What was the amount of net pay? |
Assuming Lightning Electronics must also pay $430 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?
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