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

Q: accounting income and taxable income?

A: Accounting Income -: Accounting Income is the revenue a firm earns or keeps after paying off all…

Q: What types of ordinary and statutory income do not constitute assessable income?

A: Ordinary Income is that income which is taxable at ordinary rates or earned from working. Like…

Q: Demonstrate how to account for uncertainty in income tax decisions

A: A tax benefit associated with an uncertain tax position may be reflected in the financial statements…

Q: Explain the folllowing  a-  what is Income Taxa compliance b- Are Tax rates influence Income  Tax…

A: Income tax compliance refers to the act of following all applicable tax laws and regulations related…

Q: Differentiate the accounting measurement of current tax liability and current tax asset from…

A: Tax is the charges levied by the central and state government on the net income, sale or capital…

Q: report expenses using correct tax categories because

A: The accountants have to report expenses under correct categories always.

Q: How does payments for tax and licenses affect accounting equation

A: The accounting equation shows that the asset is equal to the sum of liabilities and stockholders'…

Q: summarize the features of a tax position

A: Tax assessment is the framework through which governments collect income from people and businesses…

Q: Are there differences between financial reporting standards and income tax rules thatwill not cause…

A: Normally, business follow GAAP in preparing their financial statements in order to arrive at their…

Q: Access the glossary (“Master Glossary”) to answer the following. a.    What is a deferred tax asset?…

A:

Q: Asia owns stock that is listed on the New York Stock Exchange, and this year the stock increased in…

A: Economic income refers to the income earned by any individual or corporation that may be realized or…

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: How are deferred tax assets and deferred tax liabilities reported in a classified balance sheet?

A:

Q: What is Marginal tax rate ?

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: What is Professional Tax and give examples?

A: A tax is a financial charge imposed by government. It is a source of income for the governments to…

Q: What is meant by “tax allocation within a period”? What is the justification for such practice?

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

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: When is a receivable recognized for property tax assessments? When is the revenue recognized?

A: Property tax assessment is the process of evaluating the property for tax purposes. Then an…

Q: Which of the following cases would affect the noncurrent liabilities portion of the balance sheet?…

A: When Taxable income is greater than the accounting income then deferred tax liability should be…

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…

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: How are deferred tax assets and deferred tax liabilitiesreported on the balance sheet?

A:

Q: What is the name of the amount of money that can bededucted directly from the computed tax, instead…

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

Q: Deferred tax liability

A: Correct Answer is :- C Deferred tax Liability.

Q: Tax as a source is classified as?

A: Solution Concept Tax is the major source of revenue oto the government of any nation There can…

Q: Where can I find after tax interest income on a balance sheet or income statement(trying to find…

A: Components of income statement: The income statement is part of the financial statement of the firm.…

Q: What’s the difference? Explain to Laura how differences between financial reportingstandards and…

A: Accounting income reported in accordance with financial reporting standards and taxable income under…

Q: What are the advantages of an indirect tax such as the VAT compared with an income tax?

A: The objective of this question is to understand the advantages of an indirect tax, specifically…

Q: Distinguish between marginal and average tax rates

A: The tax rate at the margin: Through the use of the marginal tax rate, the federal taxation system…

Q: In computing the deferred tax asset or liability, w. tax rate is used? a. Current tax rate b.…

A: Deferred  tax asset or liability  arises  due to temporary differences

Q: What are the situs rules on income tax situs on sales of goods?

A: Income tax:A tax charged on the income earned by the individual or corporates by the central…

Q: What is the sales tax? Is it an expense or a liability?

A: Sales tax is the tax on sales which is levied by the government. However, sales tax is an indirect…

Q: What Accounting periods and accounting methods available to individuals for tax purposes?

A: Internal Revenue Service (IRS) advises that each taxpayer (individual) must figure taxable income on…

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: What is the tax base for each of the following taxes? Income Tax GST FBT

A: Taxes are the amount of dues that is being payable to the government on account of income earned,…

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.