Summary Payroll Data In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings:     1. At regular rate ?   2. At overtime rate $70,400   3. Total earnings ? Deductions:     4. Social security tax 28,200   5. Medicare tax 7,050   6. Income tax withheld 119,700   7. Medical insurance 16,200   8. Union dues ?   9. Total deductions 174,000   10. Net amount paid 296,000 Accounts debited:     11. Factory Wages 249,100   12. Sales Salaries ?   13. Office Salaries 94,000

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Q: am. 107.

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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.