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GarryVolchara [31]
3 years ago
9

Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November 1–14 pay pe

riod show that employees earned wages totaling $66,000 but that employee income taxes totaling $8,600 and FICA taxes totaling $3,425 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts. 1. What was the amount of net pay? 2. Assuming Lightning Electronics must also pay $410 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?
Business
1 answer:
Eddi Din [679]3 years ago
3 0

Answer:

1. Net pay = $53,975

2. Total payroll costs = $66,000

Explanation:

1. What was the amount of net pay?

Net pays = Total wages - Total income taxes - Total Federal Insurance Contributions Act (FICA) taxes = $66,000 - $8,600 - $3,425 = $53,975

2. Assuming Lightning Electronics must also pay $410 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?

Total payroll costs = Total wages paid to employees = $66,000

Note that $410 is not part of the amount that relates to the employee payment but just a tax required by the government for the unemployed.

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