What is the (after-tax) net income?

Q: Define Effective tax rate.

A: Tax: Tax refers to a compulsory payment or a contribution to the state revenue, levied by the…

Q: Various Income Taxes: Should all types of income be taxed at the same rate? First, relate the…

A: Taxable Income: It is a part of a person's gross income that should be taxed. It is also referred to…

Q: What are some examples of such exclusions in gross income?

A: Gross Income: For individual: Gross income includes the income of an individual in the form of…

Q: How to calculate the indexed cost base for capital gains tax

A: SOLUTION- CAPITAL GAIN TAX- IT IS A TYPE OF TAX APPLIED  TO THE PROFITS EARNED ON THE SALE OF AN…

Q: What distinguishes an income tax from other taxes?

A: A tax is a governmental entity's required financial charge or other kind of levy put on a taxpayer…

Q: report expenses using correct tax categories because

A: The accountants have to report expenses under correct categories always.

Q: What types of income should not be classified as such on a tax return? Why shouldn't they be…

A: Answer Nontaxable income won’t be taxed, whether or not you enter it on your tax return. nontaxable…

Q: what are the two components of income tax expense

A: PLEASE LIKE THE ANSWER  Firstly, income tax expense means an amount of tax expense incurred on the…

Q: What are long-term capital gains? Are they taxed like other income? Explain.

A: A long-term capital gain or loss is the gain or misfortune coming about because of the selling of…

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: What’s the difference between marginal and average tax rates?

A: The taxes are the government source of income from the general public. The tax rate are the…

Q: Define average tax rate

A: The taxes are the government source of income from the general public. The tax rate are the…

Q: What are the advantages of an indirect tax such as the VAT compared with an income tax?

A: The objective of this question is to understand the advantages of an indirect tax, specifically…

Q: What is the tax base for each of the following taxes? Income Tax GST FBT

A: Taxes are the amount of dues that is being payable to the government on account of income earned,…

Q: Explain Pre-tax earnings or pre-tax income

A: The net income is the net profit of the company earned during the period. The net income includes…

Q: What is Income tax receivables?

A: Other receivables: Other receivables are the receivables other than the accounts receivable, and the…

Q: What are the additional income taxes?

A: Income tax: Income tax is a tax levied on an individual’s income (taxable income). It is a direct…

Q: What is a tax return? brief explain

A: Tax return in a form designed by designated tax authorities which helps taxpayers to disclose their…

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.