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Lightning Electronics is a midsize manufacturer of lithium batteries. The company’s payroll records for the November...

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 $59,000 but that employee income taxes totaling $7,900 and FICA taxes totaling $3,075 were 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 as the total payroll costs?

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Answer #1
1
Gross pay 59000
Less: Deductions
Employee income taxes 7900
FICA taxes 3075
Amount of net pay 48025
2
Gross pay 59000
Add: FICA taxes 3075
Add: Unemployment taxes 340
Total payroll costs 62415
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