Which is a deductible tax expense? Surcharges and penalties

Q: Compute the tax due assuming

A: Tax due is the amount which has to be paid to the government and the same has been computed on the…

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: When does tax allocation within a period become necessary?How should this allocation be handled?

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Q: What distinguishes an income tax from other taxes?

A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…

Q: What is intraperiod tax allocation?

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Q: An example of an expense classifi cation by function is: A . tax expense.

A: Expenses in the Income Statement are classified into two types: Expense by nature Expense by…

Q: current and deferred tax expense

A: Option A is correct because deferred tax expense is recognized if there is a change in the deferred…

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: How much interest income is subject to final tax?

A: Answer:   Interest income subject to final tax=   1. Interest Income on loans to online sellers =…

Q: Define Income tax paid

A: Income tax paid is a charge or payment made to the government by the individual or the firms in a…

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

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Q: what are the two components of income tax expense

A: PLEASE LIKE THE ANSWER  Firstly, income tax expense means an amount of tax expense incurred on the…

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: Which of the following payment is a capital expenditure and not deductible under profits tax?

A: 1(a)  Payment to a departing employee agree for not competing with the company.   1(b)  1,3 and 4…

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: 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 a deferred tax asset and how is the value created?

A: Deferred tax asset: When Income Tax Expense account is more than the Income Tax Payable account,…

Q: What is the valuation allowance for deffered tax asset

A: Deferred tax asset(DTA) arises due to payment of higher tax in current year due to the variance…

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: Define Accrued income taxes.

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

Q: What is Income tax receivables?

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

Q: What valuation allowance is used with respect to a deferred tax asset?

A: Deferred tax asset: A deferred tax asset refers to an asset that is recognized due to a temporary…

Q: What is the value for IHT and capital gain tax (CGT) purposes?

A: What is Inheritance Tax?Inheritance Tax (IHT) is a tax on the estate of someone who has died,…

Q: What is the resort's net income for tax purposes?

A: Safe haven wildlife resort operate a proprietors-ship that generate $20000 in income under GAAP.…

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: What are the additional income taxes?

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

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: Calculate the net income after tax

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

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: What is a deferred tax asset?

A: Deferred tax asset: When the Income Tax Expense account is more than the Income Tax Payable account,…

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 the Net Income After Tax?

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Q: final tax and income tax

A: Tax is a form of compulsory payment made to the government of the country. The amount that is…

Q: What is the difference between a future taxable amount and a future deductible amount? When is it…

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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 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 the total tax expense?

A: Income Before tax is Given. Tax rate will be applied to the Income before 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: 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 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: Some tax credits are referred to as refundable. What does this mean?

A: A tax may be referred as a “pecuniary burden laid upon individuals or property owners to support…

Q: What is an assessment under the income tax assessment legislation? and why are assessments importa

A: Solution Return under income tax                 Every person whose income is taxable as per the…

Q: Define income tax expense.

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

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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 is deferred income tax expense?

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