Lightning Electronics is a midsize manufacturer of lithium batteries The company

Question

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 What was the amount of net pay?. Assuming lightning Electronics must also pay $2}0 of unemployment taxes for this pay period what amount would be repotted as the total payroll costs?

Explanation / Answer

1. Net pay=52000-7200-2725=$42075

2. If $270 paid as unemployment tax

Total payroll cost= 52000+2725+270=$54995

Related Questions

Navigate

• Browse (All)
• Browse L
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.