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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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M2.
Transcribed Image Text: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
$26,930
8,570
5,100
for taxes paid in 2020.
5,100
1,940
12,750
7,040
5,850
670
2,780
3,160
Also, the county treasurer notifies Kimpton that it is being assessed 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.
Kimpton can deduct $
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