M10-3 Calculating Net Pay and Total Payroll Costs [LO 10-2) 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 $52,000 but that employee income taxes totaling $7.200 and FICA taxes totaling $2,725 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 $270 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? 1. Net Pay 2 Total Payroll Costs