Explain various types of taxes

Q: Explain how a change in tax rates affects the measurement of deferred tax amounts.

A: Deferred Tax Asset Items on a company's balance sheet that may be used to reduce taxable income in…

Q: Define Effective tax rate.

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

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: 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: Distinguish between Direct and Indirect taxes giving the various examples where necessary.

A: Taxes are the compulsory obligations to be paid by the individuals to government. It can be levied…

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 intraperiod tax allocation?

A:

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: What is Income tax payable?

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: Income

A: Income tax is a tax that is imposed by the government of all countries. It is generally imposed on…

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: 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: 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: explain what constitute  the variables of tax planning

A: There are mainly four variables upon which tax consequence of all the transactions depended: These…

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: Define intrapreriod tax allocation.

A: Income tax: Income tax refers to the direct tax levied on individual person or business and…

Q: How do you calculate withholding taxes?

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

Q: tax

A:

Q: Explain the Revenue Related to Deferred Tax Liabilities.

A: Deferred tax liability is explicitly made when an expense commitment gathered in one budgetary year…

Q: Which is a deductible tax expense? Surcharges and penalties

A: Deductible tax expenses In a business entity the deductible tax expenses which includes any ordinary…

Q: What is deferred tax?

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

Q: Explain intraperiod tax allocation.

A: Income tax allocation is an integral part of generally accepted accounting principles. Income tax…

Q: Define average tax rate

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

Q: Illustrate what is incremental tax rate?

A: Definition: Tax: Tax is the compulsory legal payment that is imposed by the government.…

Q: What is Income tax receivables?

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

Q: Define Income before taxes.

A:

Q: income tax rate would be

A: Net Initial Investments -  Profit and Loss on Sale of Old Press - Book Value is  =     120000 Sale…

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: Calculate the net income after tax

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

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?

A:

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: Define the term payroll taxes.

A: Payroll accounting:   The process of payroll accounting includes the computation and payment of…

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: What are the classifications of taxes? Describe each briefly. (Please include the references, I…

A: Tax can be defined as the financial charges that is levied or imposed on a taxpayer, that can be…

Q: what is an example of value added taxes

A: Value-added tax (VAT) refers to the consumption tax which is imposed on a commodity once the value…

Q: Determine the tax payable or overpayment if:

A: Tax is the expense over the individual or the earning body to pay the portion of their income to 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: Define the term taxes payable.

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

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: Define tax savings due to interest (TSt )

A: Tax savings are the amount saved in form of tax payable to the government. Tax savings due to…

Q: What are taxes ? Explain types of Taxes Both Direct and Direct.

A: To run a nation judiciously, the government needs to collect tax from the eligible citizens; paying…

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: Describe the fundamentals of accounting for income taxes.

A:

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.