uestion 12: Match the taxes or act to the year it was established.

Q: Describe the Changes in Enacted Tax Laws or Rates.

A: The enacted tax rates are used. to calculate income tax amounts. Enacted or substantively enacted…

Q: t is the change during the year in an entity's deferred tax liability and o O A. Current tax expense…

A: Solution: "Deferred tax expense" is the change during the year in an entity's deferred tax asset and…

Q: Describe the types of temporary differences that cause deferred tax liabilities and determine the…

A: Deferred tax liabilities It is a type of liability that arises due to the difference between the tax…

Q: temporary difference arises when an element of income is reported for tax purposes in the period:…

A: As per IFRS deferred  tax assets and liabilities  arises on temporary  differences which  can either…

Q: FUTA TAX MUST BE DEPOSITED WHEN THE CUMULATIVE QUARTERLY TAX LIABILITY EXCEEDS?

A: FUTA (Federal unemployment tax) Tax is required to be paid by an employer for the first $7000 wages…

Q: What is the main principle of tax-effect accounting as outlined in AASB 112/IAS

A: Answer: According to data - This report discusses the main principle of tax effect accounting and…

Q: All of the following are calculated on Form 990-PF, EXCEPT:    Excise tax on investment income.…

A: It is the return of private foundation or Section 4947(a)(1) Trust Treated as Private Foundation.

Q: Discuss how the provision for income taxes is computed and reflected in interim financial…

A: Interim financial statements are abbreviated financial reports that are prepared and issued at…

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: Briefly explain your understanding of exempt income and state twelve (12) types of exempt income…

A: Exempt income refers to income that is not subject to taxation under the relevant tax laws or…

Q: Question Content Area Permanent differences impact deferred tax assets. current tax liabilities.…

A: There are two type of differences in accounting. One is permanent differences and other is temporary…

Q: Identify the major payroll tax forms and describe the purpose of each.

A: Payroll tax refers to the percentage which is withheld from the pay or salaries of the employee…

Q: What was the federal tax refund

A: This is the follow-up question and now the question is regarding the federal tax refund. This is the…

Q: by temporary differences: bed below. Each involves future deductible amounts and/or future taxable…

A: Deferred Tax  -The term "deferred tax" (DT) describes the tax amount that is different between the…

Q: Briefly explain the determination of temporary differences

A: Introduction MFRS 112: According to the MFRS 112 Amendments, businesses must pay for deferred tax on…

Q: The amount of tax assessed by the ATO based on the entity's operations for the period will be…

A: Income taxes are amount or dues which is payable by business or individual on amount of income…

Q: the total income tax expense for the current period.  b. the prima facie tax on accounting profit…

A: The tax is an expense for the company but becomes a liability when payable.

Q: Which one of the following represents the tax payable? a. Tax payable is the balance of the total…

A: Tax is the amount that is to be paid on the income by individuals, firms and entities to the…

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.