Ms.Angel is a prominent independent contractor who offers architectural and engineering services.Since RPSV's career flourished,her total gross receipts amounted to 4,250,000 for taxable year 2020.Her recorded cost of service and operating expenses were 2,150,000 and 1,000,000 respectively.She opted to avail of the 40% OSD.What is the invome tax due of Ms. angel in the year 2020?

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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.