1 answer

You received partial credit in the previous attempt. Lightning Electronics is a midsize manufacturer of lithium...

Question:

You received partial credit in the previous attempt. Lightning Electronics is a midsize manufacturer of lithium batteries. Th
You received partial credit in the previous attempt. 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 $52,000 but that employee income taxes totaling $7,200 and FICA taxes totaling $2,725 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 $270 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? varded red COP Net Pay 42,075 1 2 Total Payroll Costs 2,995

Answers

Answer 1 Calculation of amount of Net Pay Gross Salaries & Wages Employee Income Tax Withheld Employee FICA Withheld Net Pay

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