Calculate bi-weekly gross earnings 55 hours @ $13/hr. USE YOUR ANSWER IN 3A TO CALCULATE THE TAX FOR BC, AND D. B) Calculate Fed Tax (15 %) on gross earnings. C) Calculate Socail Security Tax (6.25%) on gross earnings. D) Calculate Medicare Tax (1.14%) on gross earnings. E) What is the total amount of deductions

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Q: 6,

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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.