Real estate tax, 2020 state balance due paid in 2021, personal property tax.

Q: Determine the tax liability, marginal tax rate, and average tax rate in each of the following cases.…

A: The average tax rate represents the overall tax rate applicable to the taxable income. While the…

Q: In 2019, state income taxes or state and local sales taxes, whichever is larger, may be deducted as…

A: The State and local taxes (SALT) deductions can only be claimed if a taxpayer chooses to itemize…

Q: (Explain Future Taxable and Deductible Amounts, How Carryback and Carryforward Affects Deferred…

A: (a) In case of Future taxable amount future years taxable amount increases and lead to recording of…

Q: Question 11: Which statement regarding the calculation of taxes is accurate?

A: Q 11  Correct answer is Option D Reason - Because the tax are computed on net income after deducting…

Q: Which of the following U.S. programs has a cap on the amount of income that can be taxed? Question…

A: The social security tax is a type of tax that is charged by the U.S. government. this tax is for the…

Q: Calculate the following taxpayers’ tax liabilities using 2021 tax rate  A single taxpayer had…

A: For the year 2021, Tax rates differes based on filing status of person. For single payers, tax rate…

Q: determine if it's a tax deductible, tax credit, or neither.

A: TAX DEDUCTION:- It is a provision that reduce the taxable income. An expenses you can Subtracted…

Q: Winnings are generally a. exempt from any tax. O b. subject to regular tax. C. subject to 20% final…

A: Solution: As per taxation laws, Prizes and winnings are generally tax at full rate of 20%"

Q: I. Compensation and business income are returnable income that are subject to final income tax. II.…

A: Taxable income A taxable income refers to the income on which the tax has been imposed. It is the…

Q: An individual earns $62,900 per year. What is their marginal tax rate?

A: A Single person filing Federal tax return has a gross income of $ 62,900. The marginal tax rate of…

Q: Which, if any, of the following items is subject to indexation (adjusted to reflect inflation)? O a.…

A: Indexation is a process of adjusting a value to reflect changes in inflation. This is done to ensure…

Q: EL Co. reported net income for the current year 2021 at P560,000 before provision of income tax…

A: Deferred tax asset is the amount that represents the overpayment or the advance payment of tax, the…

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

A:

Q: Which of the following tax accounting methods least likely defers payment of taxes?     Spread Out…

A: Spready Out method: Under this method revenue is recognised over a period of time. Lets make an…

Q: P486,000

A: P486,000 The taxpayer's taxable net income would be P486,000. This is calculated by taking the gross…

Q: a) Explain what a temporary difference is and why it attracts deferred tax

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

Q: Using the 2019 marginal tax rates provided in the table below, find the marginal and average tax…

A: Federal tax is calculated as per the schedule given by IRS.  Average rate of tax means the effective…

Q: Four Independent situations are described below. Each involves future deductible amounts and/or…

A: Situation  1234Taxable Income 136268300416Tax Rate25%25%25%25%Income tax payable currently346775104

Q: The formula for computing the federal gift tax payable on taxable gifts made in 2020 has the…

A: The gift tax is a federal tax that is levied on the taxpayer on the transfer of money or property or…

Q: Taxable income and pretax financial income would be identical for Carla Co. except for its…

A: Introduction: A journal entry is used to document a business transaction in the accounting records…

Q: What would be the balance of the deferred tax asset or deferred tax liability as at 30 June 2022

A:

Q: 1 1 Form 8949, Sales and Other Dispositions of Capital Assets. ind Dividends and Capital Gain Tax…

A: The correct answer is: (B) The Qualified Dividends and Capital Gain Tax Worksheet. The Qualified…

Q: What would be your federal income tax if your taxable income was $117,000.00? S What is the average…

A: Tax is a liability calculated on the income earned by an individual or company and paid to the…

Q: Based on the following data, will Ann Wilton receive a federal tax refund or owe additional taxes in…

A: Answer:- A tax refund seems to be a reimbursement given to the taxpayers for any surplus income tax…

Q: Consider the following data for 2021 from an after-tax cash flow analysis. Before-Tax-and-Loan Cash…

A: Taxable income is the portion of an individual or business's income that is subject to taxation by…

Q: Matt and Meg Comer are n

A: Gains you make from selling assets you've held for a year or less are called…

Q: Cash basis taxpayers deduct rental expenses that apply to a future tax year in the year the expenses…

A: Cash basis taxpayer means the tax payer who report expense and revenue on cash basis and not on…

Q: Question Content Area Which of the following provisions of the Internal Revenue Code can be used to…

A: The objective of the question is to identify the provision of the Internal Revenue Code that can be…

Q: Pete and his wife live in a home with their 13-year-old dependent son. This year, they had the…

A: The question has asked to compute the Adjusted gross income of Pete, and, his wife.   Adjusted gross…

Q: 3. Choosing the standard deduction or itemized deductions The IRS allows you to reduce your adjusted…

A: Standard Deductions:- These are those deductions for which taxpayers are eligible as per income tax…

Q: For each employee listed, use the percentage method to calculate federal income tax withholding,…

A: SOLUTION-   AN INCOME TAX  IS A TAX IMPOSED ON INDIVIDUALS OR ENTITIES IN RESPECT OF THE INCOME…

Q: Under a self-assessment system, taxpayers are required to: i. file estimated income tax returns. ii.…

A: Self Assessment Tax means the amount that an assessee pays on the requisite income after deducting…

Q: What is the taxable base for federal income taxes? a. Gross income b. Net worth c. Total assets d.…

A: Taxable base is the amount on which income taxes are calculated by applying the applicable rate.

Q: Consider the following data for 2021 from an after tax cash flow analysis. What is the taxable…

A:

Q: Tax rates other than the current tax rate may be used to calculate the deferred income tax amount on…

A: Taxation is the process by which governments collect money from individuals and businesses to fund…

Q: ollowing types of expenses is deductible? Group of answer choices   A.Bribes & Illegal Kickbacks…

A:

Q: minimum tax would need to be assessed on Shameika to make the tax progressive with respect to…

A: Progressive tax system is under which person with higher income pays higher and person with lower…

Q: 1) Class, what are transfer taxes? What is the purpose? When and how might they apply? 2) Share…

A: Hello. Since your question has multiple parts, we will solve the first question for you. If you want…

Q: Using the table, what is the average tax rate for someone who makes $77,000 per year?

A: To calculate the average tax rate, you would take the total tax paid and divide it by the taxpayer's…

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: How much is the income tax payable assuming the taxable year is 2021?  a. 330,000

A: Corporate tax is the tax liability calculated on the income earned by the company. It is reported…

Q: Final Income taxation is characterized by: Full taxes are withheld by the income payor at source.…

A: Here discuss about the final withhold taxes which are incurred for the certain income payments which…

Q: Visayas Corporation has one temporary difference at the end of 2020 that will reverse and cause…

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…

Q: How do taxpayers determine whether they should deduct their itemized deductions or utilize the…

A: How do taxpayers determine whether they should deduct their itemized deductions or utilize the…

Q: Question 29 of 50. Taxpayers whose only unearned income consists of qualified Form 1099-DIV…

A: The correct answer is: (B) Qualified Dividends and Capital Gain Tax Worksheet. This worksheet can be…

Q: Question 11: Which statement regarding the calculation of taxes is accurate? Answer: А. O For…

A: The income on which taxes are calculated and further deducted is the gross pay. The gross pay is…

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.