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Lightning Electronics is a midsize manufacturer of lithium batteries. The companys payroll records for the...

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Accounting

Lightning Electronics is a midsize manufacturer of lithium batteries. The companys payroll records for the November 114 pay period show that employees earned wages totaling $57,000 but that employee income taxes totaling $7,700 and FICA taxes totaling $2,975 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 $320 of unemployment taxes for this pay period,

1. Net pay

2. Total Payroll Costs

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