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what is the difference between pretax financial income and taxable income? Explain the meaning of temporary and permanent differences. Give at least two unique examples of each
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- When the temporary differences result to financial income higher than taxable income, they are known as taxable temporary difference or future deductible amounts True or false?What is the permanent difference between pretax accounting income and taxable income?When the temporary differences result to financial income higher than taxable income, they are known as taxable temporary difference or future deductible amounts. a. TRUE b. FALSE
- types of payments that are taxable/not taxable for FUTA?What are the different kinds of payments that are taxable or non taxable under the FUTA?Which of the following is not a cause of a difference between pretax financial income and taxable income in a given period? a. operating loss carryforwards b. permanent differences c. applicable tax rates d. temporary differences
- what are the differences between the following components of taxable income o Deductions for AGI and deductions from AGI o Gross income and AGI o AGI and taxable income o Tax deduction and tax creditWhat do you think is the main difference between accounting income and taxable income?Which of the following is true? Non-deductible expense is deducted to financial income in computing taxable income. Deductible temporary differences are deducted to financial income in computing taxable income. Non-taxable income is added to financial income in computing taxable income. Taxable temporary differences are deducted to financial income in computing taxable income.
- What is the definition of 'taxable income'?Which of the following items affect taxable income? Select one or more: a. Realized Gains and Losses b. Unrealized Gains and Losses c. Interest Income PreviousSave AnswersFinish attempt ...What is a permanent difference? Give an example What is a temporary difference? Give an example. How is a deferred tax asset and a deferred tax liability established? Give an example of each.