I need help answering these question parts, please! ( Type ypur answer up so it

Question

I need help answering these question parts, please! ( Type ypur answer up so it becomes more clear for me, please) value: 2 22 points M10-3 Calculating Net Pay and Total Payroll Costs [LO 10-21 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 $56,000 but that employee income taxes totaling $7,600 and FICA taxes totaling $2,925 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts. 1. What was the amount of net pay? et P 2. Assuming Lightni ng Electronics must also pay $310 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? otal Payroll Costs

Explanation / Answer

Req 1. Gross Pay 56000 Less: Taxes withheld FICA tax 2925 Income Tax withheld 7600 Net pay 45475 Req 2: Total Payroll cost: Gross pay of Employee 56000 Add: payroll tax expense FICA tax 2925 unemployment tax 310 Total Payroll cost: 59235

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