What is a deferred tax liability?

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

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Q: What is intraperiod tax allocation?

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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 types of income should not be classified as such on a tax return? Why shouldn't they be…

A: Answer Nontaxable income won’t be taxed, whether or not you enter it on your tax return. nontaxable…

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: Which of the following is the most likely item to result in a deferred tax asset?

A: Unearned revenue is the most likely item to result in a deferred tax asset.  Unearned revenue means…

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: 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: 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…

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Q: What is a valuation allowance for deferred tax assets

A: A deferred tax asset is the opposite of a deferred tax liability, which can increase the amount of…

Q: What is deferred tax?

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

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 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: Define tax loss carryback and carryforward

A: Tax or Taxes: Tax is an amount paid by the persons (individuals and business entities) to a…

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: How does the disposition effect impact investor tax?

A: Introduction: The disposition effect is coined by economists Hersh Shefrin and Meir Statman in a…

Q: Discuss how a deferred tax provision can arise under IAS 12, Income Taxes, and the available methods…

A: the above requirement are discussed below

Q: deferred tax asset and deferred tax liability

A: Deferred tax is the tax arises due to the differences between accounting income and taxable income.…

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 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: Explain deferred tax assets.

A: Temporary Difference: Temporary difference refers to the difference of one income recognized by the…

Q: What is the FICA tax liability status of pretax contributions to a qualified deferred compensation…

A: FICA tax refers to the Federal Insurance Contribution Act tax which is Country U.S law that creates…

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 an uncertain tax position, and what are the ­general guidelines for accounting for uncertain…

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Q: Is fringe tax considered a penalty tax?

A: A fringe benefit is a final tax on an employee's salary that the company is required to withhold.…

Q: Lists some common expense-related deferred tax liabilities.

A: Deferred Tax Liability: It refers to the obligation that is to be paid in the future time period.…

Q: What is Tax Depreciation?

A: Depreciation: Depreciation is a method of reducing the capitalized cost of long-lived operating…

Q: consequence of underestimating provisional tax

A: Provisional tax is the amount of tax to be paid by taxpayers earning income other than salary in…

Q: What Is A Deferred Tax Liability And What Is Its Purpose?

A: Liabilities: The claims creditors have over assets or resources of a company are referred to as…

Q: Distinguish between Tax Exemption and Tax Amnesty?

A:

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: 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: What is meant by an effective tax rate? What does it measure?

A: The effective tax rate is the percent of individual or a corporation’s income that they pays in…

Q: Define Deferred Tax Liabilities.

A: Definition:   Income tax expense: The expenses which are related to the taxable income of the…

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: compare a company’s deferred tax items;

A: Taxable income: It is the portion of the income which is used to calculate income tax that is to be…

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…

Q: Why do deferred tax assets arise? Explain your answer with suitable example.

A: Item on an organization's monetary record that might be utilized to diminish tax for later are…

Q: between refundable tax credits and non-refundable tax credits and which is more valuable

A: The amount of money that is allowed to be reduced from overall tax liability of taxpayer is known as…