Insurance, Taxes, and Legal Fees (LO. 6) The Kimpton Corporation pays the following taxes during 2020: Federal taxes withheld from employees State taxes withheld from employees Social Security withheld from employees Kimpton's share of Social Security taxes Federal income tax paid in 2020 with 2019 tax return Federal income tax paid in 2020 Real estate taxes State income taxes paid in 2020 State income taxes paid in 2020 with 2019 return State tax on capital acquisitions Sales tax on supplies Kimpton can deduct $ $26,930 8,570 5,100 5,100 for taxes paid in 2020. 1,940 12,750 7,040 5,850 670 Also, the county treasurer notifies Kimpton that it is being assessed a special real estate tax of $67,700 for upgrading the sidewalks and sewer connections in the area. The special tax is payable in 4 yearly installments of $16,925. 2,780 3,160

Insurance, Taxes, and Legal Fees (LO. 6) The Kimpton Corporation pays the following taxes during 2020: Federal taxes withheld from employees State taxes withheld from employees Social Security withheld from employees Kimpton's share of Social Security taxes Federal income tax paid in 2020 with 2019 tax return Federal income tax paid in 2020 Real estate taxes State income taxes paid in 2020 State income taxes paid in 2020 with 2019 return State tax on capital acquisitions Sales tax on supplies Kimpton can deduct $ $26,930 8,570 5,100 5,100 for taxes paid in 2020. 1,940 12,750 7,040 5,850 670 Also, the county treasurer notifies Kimpton that it is being assessed a special real estate tax of $67,700 for upgrading the sidewalks and sewer connections in the area. The special tax is payable in 4 yearly installments of $16,925. 2,780 3,160

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 34P

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