FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Concept explainers

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 autho…
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What is adjusted gross income and what influence does it have on other elements in the tax return such as the medical deduction, etc. 

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Adjusted gross income is calculated by deducting the specific deduction from the total gross income. It is used for the calculation of taxable income where the personal exemptions and itemized deductions are deducted.

 

 

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