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
