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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 $64,000 but that employee income taxes totaling $8, 400 and FICA taxes totaling $3, 325 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 $390 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?

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Accounting Basics, Accounting

Category:- Accounting Basics
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