What was the amount of net pay

Assignment Help Accounting Basics

Reference no: EM131902127

Problem

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 $64,000 but that employee income taxes totaling $8, 400 and FICA taxes totaling $3, 325 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 $390 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?

Reference no: EM131902127

Questions Cloud

Calculate the total variacne columns both ways : Determine the Output Activity Variance for SALES and label it as favorable or unfavorable.Calculate the Total Variacne Columns both ways.

What is the cost of the spoilage : In the ease of Job 705. the first 50 invitations had to be discarded due to inconsistencies in the color of ink. What is the cost of the spoilage?

What is the dupont ratio analysis : Corporations [LO3] What is the primary disadvantage of the corporate form of organization? Name at least two advantages of corporate organization

Computing the re-order point in given problem : Ye' Olde Barrel Shop sells oak barrels to a local winery. The Master Cooper would like to reduce her oak lumber inventory by determining the optimal number.

What was the amount of net pay : What was the amount of net pay? Assuming Lightning Electronics must also pay $390 of unemployment taxes for this pay period, what amount would be reported?

Determining the normal distribution the probability : In the normal distribution the probability that X > µ + 2s is the same as the probability that X

Why are you personally obligated to abide by aicpa statement : Why are you personally obligated to abide by the AICPA's Statement of Standards for Tax Services, even though you do not work in public practice?

Solve a minimum-cost network flow model : Each year, DC produces as many as 500 computers in Boston and 425 computers in Raleigh. Los Angeles customers must receive 400 computers, and 350 computers.

Calculate the expected value and the standard error : Calculate the expected value and the standard error of with n = 14. (Round "expected value" to 2 decimal places and "standard deviation" to 4 decimal places.)

User Account

All Pages