Explain how to record sales tax.

Q: Which of the following task is facilitated by Taxation Accounting? a. Tax preparation and tax…

A: Taxation accounting refers to the rules and policies, regulations used to generate tax assets and…

Q: How is sales tax recorded? Is it considered an expense of a business? Why or why not?

A: Most states levy sales taxes on goods and services. Those states differ on what is taxed and for how…

Q: Explain how does the company’s effective tax rate calculated.

A: Effective interest rate:   An effective interest rate is the real return on savings account or any…

Q: Distinguish between Direct and Indirect taxes giving the various examples where necessary.

A: Taxes are the compulsory obligations to be paid by the individuals to government. It can be levied…

Q: Discuss the importance of taxes in decision making.

A: A tax is considered an important financial charge imposed by the government over the public. Tax is…

Q: How to Determine Corporate Taxes

A: Corporate taxes are the source of income for the government or the nation which is imposed by the…

Q: why is inventory management important in tax planning

A: why is inventory management important in tax planning answer tax planning means the planning of tax…

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: Where can authoritative IFRS related to the accounting for taxes be found?

A: Accounting changes include the change in methods or ways of accounting by the company, which will…

Q: HOW TO improve tax-planning effort

A: Tax planning is the examination of a financial condition or plan to make sure that all parts work…

Q: deferred tax assets and deferred tax liabilities

A: The deferred tax assets and deferred tax liabilities arise due to the tax effect of timing…

Q: What is the name of the amount of money that can bededucted directly from the computed tax, instead…

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

Q: What taxes are recorded when recording Payroll Tax Expense?

A: FICA, OASDI and FICA Medicare taxes are the combination of payroll tax expense of the organisation.

Q: What are the situs rules on income tax situs on sales of goods?

A: Income tax:A tax charged on the income earned by the individual or corporates by the central…

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: Explain the difference between direct and indirect tax

A: Introduction: Tax refers to an individual's simple duty to contribute their resources. It is imposed…

Q: Compute the Income Tax due.

A: Income tax can be defined as the portion of income being paid to the tax authority or government.…

Q: Discuss the tax treatment for business and investment expenses.

A: Tax treatments usually explain the procedural computation tax liability of an individual by stating…

Q: Before paying a tax invoice for the purchase of goods, list steps you would take to check that the…

A: Answer

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: d. Prepare all journal entries relating to income tax. e. Compute the total income tax expense,…

A: Answer -  Part D -  Journal entries relating to income tax - An S.no Particulars Debit Credit 1…

Q: How do I calculate the amount of sales tax that is included in total receipts?

A: Sales tax = Actual sales * Tax rate

Q: Discuss how a sales tax is regressive.

A: 1. Regressive Tax - Regressive Tax is a tax on the amount which decreases subject to the amount…

Q: tax du

A: Definition: Tax Liability: Amount that is paid to tax authorities as or government is tax…

Q: Differentiate “normal tax “ from “final tax”.

A: Tax is the amount which is paid by the tax payer on the basis of the income earned by him during a…

Q: Discuss to what extent deferred tax accounting can be used for income smoothing.

A: Deferred tax is referred as an income taxes for the tax on the losses or profits of the company…

Q: Calculate the net income after tax

A: Net profit is also called the profit available to the shareholders or Profit available after meeting…

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 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: Explain the differences between sales taxes and excise taxes. Give an argument in favor of excise…

A: Tax:   A tax is a compulsory charge or a levy imposed upon a taxpayer by a government organization…

Q: o tax? Describe each. Thank you in advance

A: Usually, all incomes and value additions are taxed as income tax. Income tax is a direct tax which…

Q: What is the Effect on Deferred Income Taxes?

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

Q: What are the classifications of taxes? Describe each briefly. (Please include the references, I…

A: Tax can be defined as the financial charges that is levied or imposed on a taxpayer, that can be…

Q: How do you calculate State Tax? How do you calculate FICA Tax

A: State tax:   State income tax is a direct tax. State tax is levied by a state in the state the…

Q: When entering tax classes for the sales transaction type, what two items must you enter the tax…

A: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-parts at a…

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: ll be a tax

A: Tax refers to the percentile charges imposed by the authoritative government over the income gained…

Q: Calculate Earning before interest Tax

A: EBIT (earnings before interest and taxes) is a company's net income before income tax expense and…

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: What type of tax is sales tax

A: There are two types of tax. These are: Direct tax: Direct taxes are the taxes that are paid by the…

Q: Understand the fundamentals of accounting for income taxes.

A:

Q: Which of the following would be included in the journal entry to record the payment of accrued sales…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: In this question the income tax calculated how was it found? what is the transactions? help please

A: As per the information given in the question, The taxable income is 153.000 TL

Q: Describe the fundamentals of accounting for income taxes.

A:

Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.