Calculating payroll tax liabilities lightning electronics
Image text transcribed for accessibility: Calculating Payroll Tax Liabilities 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 would be reported as the total payroll costs?
