Question - 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.
What was the amount of Net Pay?
Assuming Lightning Electronics must also pay $340 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?