Define the term payroll taxes.

Q: Describe the Changes in Enacted Tax Laws or Rates.

A: The enacted tax rates are used. to calculate income tax amounts. Enacted or substantively enacted…

Q: what are payroll deductions

A: Payroll deductions are the amounts which are mandatorily or voluntarily deducted by the employer…

Q: what are the advantages and disadvantages of the payroll tax deferral?

A: Highlights of the payroll tax deferral scheme:- It applies to all those employees whose before tax…

Q: what is tax accounting?

A:

Q: Explain the difference between an individual and a corporation or society when filling taxes.

A: Individual Taxpayer: A taxpayer is someone who owes money to the federal, state, or municipal…

Q: Define tax effect theory

A: Tax effect theory explains the impact of taxes on revenue or expense of a company. This theory is…

Q: How to calculate capital gain tax

A: Capital gain is one of the income heads under the Income Tax Act. It includes the gains arising to…

Q: What are the objectives of accounting for income taxes?

A: FASB Summary of Statement No. 109 defines objectives of Accounting for Income Taxes.

Q: What is Income tax payable?

A:

Q: Income

A: Income tax is a tax that is imposed by the government of all countries. It is generally imposed on…

Q: Explain various types of taxes

A: taxes A tax may be a obligatory fee or monetary charge levied by any government on a private or a…

Q: Discuss the major features of the federal income tax system

A: In USA federal income tax is collected by the federal government.

Q: explain what constitute  the variables of tax planning

A: There are mainly four variables upon which tax consequence of all the transactions depended: These…

Q: What is the difference between tax reliefs and tax credits?

A: Taxes are mandatory payments placed on individuals or businesses by a government agency, whether…

Q: Describe the costs and the basic accounting activities relating to payrolls?

A: Finance bookkeeping is basically the estimation, the executives, recording, and examination of…

Q: Define Accrued income taxes.

A: Income Tax Expenses: The expenses which are related to the taxable income of the individuals and…

Q: What are the Sources of Tax Laws?

A: Tax: It is a mandatory fee levied by the government on the individual and organization.

Q: Describe the presentation of deferred income taxes in financial statements.

A: Deferred tax asset: The deferred tax asset is the excess, overpaid, or paid in advance expenses.…

Q: Describe Payroll-Related Liabilities.

A: Payroll liabilities are basically any amount that the entity owes to its employees or tax…

Q: What is Income tax receivables?

A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…

Q: Identify additional issues in accounting for income taxes.

A:

Q: HOW filing status affect the preparation income tax return

A: Tax return :- A tax return is a form or series of forms submitted to the Internal Revenue Service…

Q: Define Income before taxes.

A:

Q: What are payroll related liabilities in the following picture?

A: Anything related to the payroll of a business which were not paid yet to the employees is known to…

Q: What special accounts must usually be opened in the general ledger to record payroll tax entries?…

A: Lets understand the basics. Journal entry is required to make to record financial event or…

Q: What are the Payroll-related deductions?

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: e any examples of payroll deductions and describe them?

A:

Q: tequired A. Explain the difference between tax reliefs and tax credits

A: (a) In this question,I have explained the difference between tax credit and tax relief

Q: What are the features of final income tax?

A: Introduction:- Final tax is one of the exemptions to the extent of the regular income tax. An…

Q: wage and payroll tax expenses are somewhat unique because?

A: An employer's federal payroll tax responsibilities include withholding from an employee's…

Q: Define provision for income taxes.

A: A provision for income taxes is the estimated amount that a business or individual taxpayer expects…

Q: What are taxes?

A:

Q: What are payroll related liabilities in following picture

A: Payroll: It can be defined as the total amount or compensation that is paid out to the employees by…

Q: what types of taxes are deductible in full or in part?

A: The tax-deductible expense helps the business to generate revenue by decreasing the tax liability.

Q: What are the important key points of income taxes PAS 12?

A: Income tax is the tax levied by the state and central government on the income generated by the…

Q: Is deferred liabilities are payroll related liability?

A: A conceded charge responsibility is a duty that is evaluated or is expected for the current time…

Q: Define the term taxes payable.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: What formula is used to “gross-up” supplementalpayments in order to cover the taxes on the…

A: The term "gross-up payroll" indicates a rise in basic pay that is done on purpose in order to lower…

Q: nonmonetary?

A: Nonmonetary items are the items that are subject to change in value over a period of time. These…

Q: What is an excise tax and its examples?

A: The company's aim will be to increase the profitability of the company. The profits can be arrived…

Q: Why deferred tax rate assets and liabilities are recorded in balance sheet?

A: The reasons for the recognition and reporting of deferred tax assets are as follows: The following…

Q: Explain how to record sales tax.

A: Sales tax: It is a tax that the Company collects from the customer when the sale is made on cash or…

Q: Understand the fundamentals of accounting for income taxes.

A:

Q: What is deferred income tax expense?

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Recording employee payroll deductions may involve:

A: Payroll deductions are amount deducted from the salary of employees towards taxes or other duties…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.