Why are payroll taxes and sales taxes consideredliabilities?

Q: What effect do permanent differences have on deferred income taxes?

A:

Q: How can we determine Corporate Taxes?

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

Q: what are the advantages and disadvantages of the payroll tax deferral?

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

Q: When determining the amount of cash paid for income taxes, what would be indicated by an increase in…

A: Defferred income tax liability indicates that the because of temporary difference between accounting…

Q: Is the income tax expense shown in the income statement same as the income tax paid shown in the…

A: Cash Flow Statement: Cash Flow Statement is a fundamental financial statement that renders valuable…

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 to Determine Corporate Taxes

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

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 is the term for the employer's mandatory payroll taxes that the government has written into…

A: A payroll tax is a percentage withheld from an employee's pay by an employer who pays it to the…

Q: What are all type of taxes we need to pay

A: As individuals and as entities we need to pay various direct taxes as well as indirect taxes in our…

Q: who are benefits or do not benefit from payroll tax deferral?

A:

Q: Which payroll taxes are the responsibility of the employee and which are the responsibility of the…

A: Introduction: Payroll taxes: Payroll taxes are levied on both employers and employees and are…

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: How do you calculate withholding taxes?

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

Q: What is an unrecognized tax benefit and how does it affect a company's current income tax expense?

A: The Meaning of Income Tax: FASB defines income tax as a tax on earnings. It is measured in terms of…

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: Which of the following is not an employer payroll tax?

A: Federal income tax is the liability of the employee to pay tax on the income and is deductible from…

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: Which payroll taxes are the employee’s responsibility and which are the employer’s responsibility?

A:

Q: What are the Sources of Tax Laws?

A: Tax: It is a mandatory fee levied by the government on the individual and organization.

Q: How is tax accounting different from financial accounting?

A: Accounting: It can be defined as the process of summarizing and recording the company’s financial…

Q: Explain 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 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 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: What are the Payroll-related deductions?

A: Payroll: Payroll refers to the total amount that is required to be paid by the company to its…

Q: What is the amount of the debit to Payroll Taxes?

A: What is the amount of the debit to Payroll Taxes?   A payroll tax expense account is the holding…

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: Define provision for income taxes.

A: A provision for income taxes is the estimated amount that a business or individual taxpayer expects…

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: What are taxes?

A:

Q: What are the tax implications of Social Security? Is it taxable at the Federal Level?, the State…

A: If you have other substantial income in addition to socoal security  benefits, then you have to pay…

Q: What are the important key points of income taxes PAS 12?

A: Income tax is the tax levied by the state and central government on the income generated by the…

Q: Define the term payroll taxes.

A: Payroll accounting:   The process of payroll accounting includes the computation and payment 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: 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: Is deferred liabilities are payroll related liability?

A: A conceded charge responsibility is a duty that is evaluated or is expected for the current time…

Q: What is the meaning of “person” when the term is used in the Income Tax Act? _________, __________…

A: Person includes :  an Individual; a Hindu Undivided Family (HUF) ; a Company; a Firm an association…

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: 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: Why deferred tax rate assets and liabilities are recorded in balance sheet?

A: The reasons for the recognition and reporting of deferred tax assets are as follows: The following…

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: What form of business pays personal income tax?

A: Income tax, as the name suggests, is calculated on the income of assessee and payable according to…