Jonhs Electronics is a midsize manufacturer of lithium batteries. The company’s
ID: 2415198 • Letter: J
Question
Jonhs 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 $67,000 but that employee income taxes totaling $8,700 and FICA taxes totaling $3,475 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts.
2. Assuming John's Electronics must also pay $420 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs?
Jonhs 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 $67,000 but that employee income taxes totaling $8,700 and FICA taxes totaling $3,475 were withheld from this amount. The net pay was directly deposited into the employees’ bank accounts.
Explanation / Answer
1) NET PAY = $ 67,000-$ 8,700-$ 3,475=$ 54,825
2) $ 67,000+$ 420= $ 67,420
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