Which statement regarding the current Form W-4 is accurate?     Answer:   A. It uses fewer pieces of information than the previous version to determine federal income tax.     B. It can be used with either the wage-bracket or the percentage method of determining federal income tax.     C. When determining federal income tax using the wage-bracket method, you can refer to the same tax tables associated with the previous version.     D. Unlike the previous version, it calculates the number of withholding allowances.

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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.