South Carolina Corporation has one temporary difference at the end of 2020 that will reverse and cause taxable amounts of $55,000 in 2021, $60,000 in 2022, and $65,000 in 2023. South Carolina's pretax financial income for 2020 is $300,000, and the tax rate is 30% for all years. There are no deferred taxes at the beginning of 2020. Instructions a.    Compute taxable income and income taxes payable for 2020. b.    Prepare the journal entry to record income tax expense, deferred income taxes, and income taxes payable for 2020. c.    Prepare the income tax expense section of the income statement for 2020, beginning with the line “Income before income taxes.”

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Filing Federal Income Tax Return

A tax is the amount of money paid to the government on the revenue earned by the individual or business organization. It acts as an income for the government and an expense for the individual or business organization. There are different regulations regarding filing an income tax return in other countries.