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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 $100,000 but that employee income taxes totaling $14,000 and FICA taxes totaling $5,250 were withheld from this amount. The net pay was directly deposited into the employees' bank accounts.
Required:
(a) What was the amount of net pay? (Omit the "tiny_mce_markerquot; sign in your response.)
Net pay $
(b) Assuming Lighting Electronics must pay $500 of unemployment taxes for this pay period, what amount would be reported as the total payroll costs? (Omit the "tiny_mce_markerquot; sign in your response.)
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Provide examples from the manufacturing industry of:
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An example using a specific company that conducts business both in the U.S. and at least one other country would be most appropriate in answering this question and most appreciated.
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