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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.
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.
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.
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)".
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 a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
If future income tax liability is deferred income tax?
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.
What does DTA stands for in banking?
Deferred Tax Asset
What if income tax provision is higher than deferred income tax?
You may not understand what your asking, in provision and "tax" are 2 different things. Provision is a purely accounting (GAAP) term. it has nothing to do with IRS tax really. It isn't even part of IRS vernacular really. An Income Tax Provision basically has 2 components; Deferred Tax Provision & Current Tax Provision. (Some ancillary accounting lines may have to do with credits and tax effect of state tax deduction for example). The total income tax provision is the combination of the 2. If current tax provision is higher than deferred tax provision, than the deferred tax provision is a tax benefit. A very common thing that happens when tax accounting requires a provision be recorded for income recorded for GAAP before it is income for tax.
What is tax deferred wages?
Tax-deferred wages is a reference to income of which there is no tax withholding. The taxes on the wages will be deferred until the end of the year.
What circumstances lead to recording of deferred tax asset?
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What is wage tax?
Tax-deferred wages is a reference to income of which there is no tax withholding. The taxes on the wages will be deferred until the end of the year.
