Lightning Electronics is a midsize manufacturer of lithium batteries. The company's payroll records for the November 1–14 pay periodshow that employees earned wages totaling $59,000 but that employee income taxes totaling $7,900 and FICA taxes totaling $3,075were 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 $340 of unemployment taxes for this pay period, what amount would be reported asthe total payroll costs?1.Net Pay59,0002.Total Payroll Costs$47,685

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Answered: 1. What was the amount of net pay? 2.…

1. What was the amount of net pay? 2. Assuming Lightning Electronics also must pay $340 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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