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
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 $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. |
What was the amount of Net Pay?
Assuming Lightning Electronics must also pay $340 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? |
Total Payroll Cost?
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