Yahoo Inc said it will incur $22 million to $27 million in restructuring charges in the current quarter to account for previously announced layoffs of 5 percent of its staff.

The Internet company detailed the charges in a regulatory filing on Friday, two months after CEO Carol Bartz announced plans to cut nearly 700 jobs. Yahoo said at the time that it wasn't able to estimate the total charges due to the layoffs.

The cuts come as Bartz, who took the reins in January, attempts to steer Yahoo back to growth amid a challenging economy and tough competition from Google Inc and Microsoft Corp .

Yahoo is the No.2 search engine in the United States with a 20.1 percent market share in May, versus Google's 65 percent share, according to comScore. Microsoft had an 8 percent share, but that was prior to the launch of its new search engine, dubbed Bing.

Yahoo said on Friday that it will take pretax charges between $30 million and $34 million in severance pay expenses and related cash expenditures.

The company said the charges will be offset by a credit of $7 million to $8 million in stock compensation expense reversals due to forfeited stock-based awards, resulting in total restructuring charges between $22 million and $27 million.

(Reporting by Alexei Oreskovic; Editing by Richard Chang)