The payroll related information for Smart Packers is provided below. The company has a total payroll for the month of January of $100,000 for its 30 employees. Use the information provided to answer the following questions. (Assume that none of the employees earn more than $7,000 in January.) Federal and state income tax withheld $ 20,000 Health insurance premiums paid by employer $ 10,000 Contribution to retirement plan paid by employer $ 15,000 FICA tax rate (Social Security and Medicare) 7.65 % Federal and state unemployment tax rate 6.20 % Knowledge Check 01 What is the amount of Salaries Payable for the month?

25000 is the amount of Salaries Payable for the month

Solution:

Given,

Total payroll for the month of January of $100,000 for its 30 employees.

Federal and state income tax withheld = $ 20,000

Health insurance premiums paid by employer = $ 10,000

Contribution to retirement plan paid by employer = $ 15,000

Now , To calculate the amount of Salaries Payable for the month :

Health insurance premiums paid by employer              10000

Contribution to retirement plan paid by employer         15000

Amount of fringe benefits for the month                       25000  

odd consecutive integers are odd integers that follow each other. they have a difference of 2 between every two numbers. if n is an odd integer, then n, n+2, n+4 and n+6 will be odd consecutive integers. the first number in the pattern is always the variable on its own or in this case, "n". examples.