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If that is what the amount is that you may owe and that is what you want to call it YES it would be your deferred income tax amount.
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How is deferred tax liability different from current tax liability?
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
Define deferred tax?
Deferred tax is the future tax liability or assets. It could either be tax liability or tax assets totally depending on the temporary difference which means the difference between book value and tax valued.
The result of interperiod tax allocation is that?
The income tax expense on the income statement is the sum of the income taxes payable for the year and the changes in deferred tax asset or liability balances for the year.
The accounting procedure that accounts for most of the deferred income tax liability for most companies is?
depreciation expense
What is meant by deferred liability?
Essentially, they are taxes that are 'deferred' to a later time. Tax Liabilities are typically taxes you are required to pay on income, or profit, you have obtained. Being able to 'defer' them is a means by which you are allowed to push them off until a future date when your tax 'status' would place you in a tax bracket that withholds less taxes from your income (as in when you retire).
Is deferred tax a current liability?
Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
Deferred tax assets?
Deferred tax assets is a companies asset that may reduce their income tax expenses. These can arise from net loss carryovers and can be applied to future fiscal periods.
Is deferred liability a current liability?
Yes deffered tax liability is created due to difference in taxable income as well as actual income which needs to be adjusted in next fiscal year as it is for only one year that;s why it is current liability.
Is a income tax benefit account a contra account of income tax expense?
The answer is no.A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
Why would one need a deferred tax liability?
Deferred tax liability is necessary when a company's balance sheets fail to reflect what they are claiming on their tax returns. This can occur, for example, in cases of deferred payments from customers.
Are all temporary differences that exist at balance date recognised as deferred tax assets or deferred tax liabilities?
yes - either a deferred tax asset (DTA) or a deferred tax liability (DTL).
Is income tax an estimated liability?
is income tax estimated liability
