What is a temporary difference related to deferred 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 effect do permanent differences have on deferred income taxes?

A:

Q: what is a potential with a temporary tax difference in design to increase demand

A:

Q: What is intraperiod tax allocation?

A:

Q: Define Deferred tax asset.

A: Items on a company's balance sheet that may be used to reduce taxable income in the future are…

Q: What is the difference between favorable and unfavorable book -tax differences?

A: Whenever reconciliation book earnings to taxable income, favorable book-tax differences were indeed…

Q: Which of the following is the most likely item to result in a deferred tax asset?

A: Unearned revenue is the most likely item to result in a deferred tax asset.  Unearned revenue means…

Q: Why do deferred taxes arise

A: The deferred taxes usually arise when there is balance of over or advance payment of taxes to an…

Q: What effect does intraperiod tax allocation have onreported net income?

A:

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: What is meant by “tax allocation within a period”? What is the justification for such practice?

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

Q: What is the logic behind allowing tax loss carrybacks/carryforwards?

A: Logic behind allowing tax loss carrybacks and carryforwards: A tax loss carryback permits a company…

Q: The amount of taxes generated is incorrect...

A: Section 1245 assets comprise personal property used in trade or business and held for over 12…

Q: What is a valuation allowance for deferred tax assets

A: A deferred tax asset is the opposite of a deferred tax liability, which can increase the amount of…

Q: What is deferred tax?

A: Balance sheet is the statement that indicates the final position of an entity.

Q: What’s the difference between marginal and average tax rates?

A: The taxes are the government source of income from the general public. The tax rate are the…

Q: How does an increase in the income tax rate affect the breakeven point?

A: A break-even sale is the dollar amount of revenue at which a business earns a profit of zero i.e. No…

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 are FUTA and SUTA taxes? Is there any possible reduction in the FUTA tax rate? If so, what is…

A: Introduction: Employer payroll taxes are paid by the employer from its own funds on the basis of…

Q: What problems might create from payroll tax deferral?

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

Q: Blank income is subject to federal taxes?

A: What is Federal Taxes?    Federal revenue enhancement is that the tax levied by the inner Revenue…

Q: What is the difference between a progressive tax, a proportional tax, and a regressive tax?

A: Tax is an important concept in the area of finance. The United states has three types of taxes…

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: What is the total tax due?

A: The tax due can be defined as the percentage amount computed over the incomes earned during the…

Q: How to calculate Value-added tax

A: Value added tax is a type of tax that is charged by the central government on the sale of…

Q: How are national taxes similar to and/or different from local taxes?

A: National taxes refer to national internal revenue taxes imposed and collected by the national…

Q: Explain deferred tax assets.

A: Temporary Difference: Temporary difference refers to the difference of one income recognized by the…

Q: Can the effective rate of tax be negative? Why? or Why

A: it is sometimes possible that effective tax may be negative.This is but rare cases but sometimes it…

Q: Explain why permanent differences have no deferred tax consequences.

A: A permanent difference is a business transaction that is reported differently for financial and tax…

Q: What is Tax Depreciation?

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

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: consequence of underestimating provisional tax

A: Provisional tax is the amount of tax to be paid by taxpayers earning income other than salary in…

Q: the process of reducing the allowable deduction of interest expense by a certain percentage is…

A: the process of reducing the allowable deduction of interest expense by a certain percentage is…

Q: How might a reduction in future tax rates affect deferred tax assets in a way that reduces current…

A:

Q: What is meant by an effective tax rate? What does it measure?

A: The effective tax rate is the percent of individual or a corporation’s income that they pays in…

Q: Define Deferred Tax Liabilities.

A: Definition:   Income tax expense: The expenses which are related to the taxable income of the…

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: Are they entitled to a refund or do they owe additional taxes?

A: Tax Liability is the different company's taxable income as shown in the income statement and in…

Q: current tax and deferred tax.

A: First option is wrong because deferred tax expense does not include current tax. Third option is…

Q: What is tax due?

A: Tax Due: Tax due is the tax liability that is payable by any individual person or a corporate body…

Q: What are direct taxes?

A: The financial position of the company can be arrived from the income statement prepared by the…

Q: Valuation allowances reduce deferred tax liabilities to the amount that is more likely than not to…

A: Solution:- A valuation allowance is used for the purpose of offsetting deferred tax asset. The…

Q: What are the special features of regular income taxation?

A: Income Tax It is a tax placed on an individual. It is deducted from a person's total income. It is a…

Q: Why do deferred tax assets arise? Explain your answer with suitable example.

A: Item on an organization's monetary record that might be utilized to diminish tax for later are…

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.