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Insurance, Taxes, and Legal Fees (LO. 6) The Kimpton Corporation pays the following taxes during 2020: Federal taxes withheld from employees $26,910 State taxes withheld
Insurance, Taxes, and Legal Fees (LO. 6) The Kimpton Corporation pays the following taxes during 2020: Federal taxes withheld from employees $26,910 State taxes withheld from employees 9,190 Social Security withheld from employees 5,080 Kimpton's share of Social Security taxes 5,080 Federal income tax paid in 2020 with 2019 tax return 1,970 Federal income tax paid in 2020 11,970 Real estate taxes 6,940 State income taxes paid in 2020 5,560 State income taxes paid in 2020 with 2019 return 620 State tax on capital acquisitions 2,670 Sales tax on supplies 3,320 Also, the county treasurer notifies Kimpton that it is being assessed a special real estate tax of $67,200 for upgrading the sidewalks and sewer connections in the area. The special tax is payable in 4 yearly installments of $16,800. Kimpton can deduct $ for taxes paid in 2020
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