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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 $67,000 but that employee income taxes totaling $8,700 and FICA taxes totaling $3,475 were withheld from this amount. The net pay was directly deposited into the employees bank accounts.
1. What was the amount of net pay?
2. Assuming Lightning Electronics must also pay $420 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?
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