What is Income tax receivables?

Q: what is tax accounting?

A:

Q: What is meant by a tax shelter?

A: Tax shelter is a provision for tax payer to deduct the taxable income. This provision gives certain…

Q: What are the two types of income tax return

A: Answer: Income tax return is the return that is filed for purpose to file income tax due to be paid…

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 is the tax shield of interest?

A: Interest tax shields: It alludes to the assessment obligation decrease because of the interest…

Q: how does taxes affect Businesses?

A: Taxes According to Tax laws Taxes means the levy of money which was imposed by the government…

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 corporate income tax and value added tax and its use?

A: Both corporate income tax and value added tax are taxes that have to be paid to the government. The…

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: Identify some of the reasons why accounting for income taxes is complex?

A: ANSWER : U.S. tax laws are complex and ambiguous.A company frequently prepares its financial…

Q: what are the characteristics of a good tax system?

A: Tax system is designed by the government of every country which is imposed on the individual’s…

Q: When is a receivable recognized for property tax assessments? When is the revenue recognized?

A: Property tax assessment is the process of evaluating the property for tax purposes. Then an…

Q: How do you calculate withholding taxes?

A: Federal income tax withholding:  The amounts which the employer withheld from employees’ gross pay…

Q: Distinguish the difference between Tax Structure and Tax Rates

A: Meaning of Tax Tax is a source of revenue to the Government. Different types of taxes are paid by…

Q: What are the different type of income tax?

A: The answer for the question on the different types of income tax is discussed hereunder : Taxes are…

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: 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 is the difference between tax avoidance and tax evasion?

A: The answer for the theory question on the difference between tax avoidance and tax evasion is…

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: Define Accrued income taxes.

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

Q: Why are payroll taxes and sales taxes consideredliabilities?

A:

Q: e from Tax Evasion?

A: The difference is given as,

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: what is Tax Avoidance and Tax Evasion?

A: Tax avoidance refers to the use of legal means to avoid paying tax. Individual taxpayers and…

Q: What is a tax return? brief explain

A: Tax return in a form designed by designated tax authorities which helps taxpayers to disclose their…

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 is excise tax and give examples?

A: Excise Tax: An excise tax is an indirect tax, usually paid by the manufacturer or merchandiser of…

Q: What is Excise Tax and give examples?

A: Answer: An excise or excise tax is an inland tax. It is different from Customs duties. In different…

Q: Why is the income tax payable not the same as income tax expense

A:

Q: What are the aspects of Taxation?

A: Taxation Taxation is important for the country which can be generate revenue to the government to…

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: how is income tax expense calculated?

A: Income tax expense is form of direct tax which needs to be paid by individual or business…

Q: What is adjusted gross income and what influence does it have on other elements in the tax return…

A: Adjusted gross income is calculated by deducting the specific deduction from the total gross income.…

Q: How does income taxation differs from transfer and business tax?

A: Income tax is a direct tax that governments impose on income generated by individuals and business…

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: Define income tax expense.

A:

Q: What is the burden of the tax? Explain the key factors that determine the incidence of the tax.

A:

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: Describe the fundamentals of accounting for income taxes.

A:

Q: What is Percentage Tax?

A: Tax:- A tax is the compulsory payment which is imposed by the government on income and capital gain…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.