Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. m10-3 calculating net pay and total payroll costs

M10-3 Calculating Net Pay and Total Payroll Costs [LO 10-2 Lightning Electronics is a midsize...

80.2K

Verified Solution

Question

Accounting

image

M10-3 Calculating Net Pay and Total Payroll Costs [LO 10-2 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. Required: 1. What was the amount of net pay? 2. Assuming Lightning Electronics also must pay $250 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? 40,375 1. Net Pay 2. Total Payroll Costs

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

An application of modeling with differential equations from a particular field, such as Physics,Biology, Business, Chemistry, etc.

Medical Sciences
1.2K views

describe how the muscles of the anus and urethra are similar. What is the benefit of...

Advance Math
1.2K views

7.3.2 in Strogatz "Using numerical integration, compute the limit cycle of Exercise 7.3.1 and verify that it...

Geometry
1.2K views

1 The circumference of a circle is 500 m Determine the diameter

Basic Math
1.2K views

For its three investment centers Gerrard Company accumulates the following data Sales Controllable margin Average...

Algebra
1.2K views

Question 10 Find the number of terms in 3x 8x 9y 2y 9 02 0...

Algebra
1.2K views

Terry is skiing down a steep hill Terry s elevation E t in feet after...

Accounting
1.2K views

Morganton Company makes one product and it provided the following information to help prepare the...

Accounting
1.2K views

ABC Company expects to sell 30,000 computer chairs in 2021 for $500 each. There are...

Accounting
1.2K views

1) Consider the financial aspects of the digital thermometer project. The project cost is estimated...

Accounting
1.2K views

On January 1 of Year 1, Keefe Corporation purchased equipment at a cost of $100,000....

Accounting
1.2K views

Use the long-run classical model of a small open economy to graphically illustrate and explain...