Please help me answering these questions! Thanks value: 2.22 points M10-3 Calcul

Question

Please help me answering these questions! Thanks value: 2.22 points 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 eamed wages totaling $51,000 but that employee income taxes totaling $7,100 and FICA taxes totaling $2,675 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts 1. What was the amount of net pay? at Pay 2. Assuming Lightning Electronics must also pay $260 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? Total Payroll Costs

Explanation / Answer

1..

wages totaling 51000 -

employee income tax 7100 - FICA tax totalling 2675 = 41225 is the net pay

2..

wages totalling 51000 + FICA tax2675 + 260 = 53935

Related Questions

Navigate

• Browse (All)
• Browse P
• Subjects

---

---

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