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 $50,000 but that employee income taxes totaling $7,000 and FICA taxes totaling $2,625 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts. What was the amount of net pay? Assuming Lighting Electronics must also pay $250 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?
simple-tense.com is committed to providing all of its services strictly complying with the applicable laws and regulations; moreover keeping them within the boundaries of ethics. Accordingly, any of its services as offered on its website (essay/dissertation) must not be misunderstood.