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sixteenth amendment
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∙ 12y ago
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This provision gave congress the right to tax incomes?
constitution
Amendment 16 gave congress the right to?
collect income tax
What amendment gave the congress the right to levy and income tax?
16th amendment
The gave Congress the power to impose an income tax on the American people.?
The _______ gave Congress the power to impose an income tax on the American people.
What amendment gave congress the right to impose tax?
The 16th Amendment to the U. S. Constitution cleared the way for Income Taxes.
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 amendment gave congress the authority to enact an income tax?
16th
What does Tax provision package mean?
examples: "provide assistance on the Tax Provision Package and FAS 109"; "to complete a US GAAP Tax Provision package".
How do you treat over or under provision of income tax?
Best way to understand is through an example: If in 2010 you have a provision for tax of $2,000 payable for accounting. However the actual tax paid was $1,500. You would have an over provision of income tax. So once the tax is paid in 2011 it will Dr Provision Cr Bank. So in 2011 the amount of the over provision must be adjusted by: Dr Provision for tax Cr Income tax expense This will clear out the tax provision for 2011 resulting from the over provision. Same concept applies to under provsions.
Who Gave congress the power to levy on income tax?
Power of the Federal Government
What other governmental action allowed Congress to include a provision for personal income tax in the Underwood Tariff Act in 1913?
The Sixteenth Amendment
Entry for Provision for Income Taxes?
You will need two accounts: Income tax expenses (an expense account, obviously) Provision for income tax (a liability account) You will simply: debit provision for income tax credit income tax expenses When actually paying income tax, you will: debit cash credit provision for income tax
