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If a person meets the legal requirements to pay income tax and does not, he is in violation of the law.
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∙ 16y ago
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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.
Can you treat tax as expenses?
Tax is an expense on financial statements. However, income tax is an expense of the year in which the income was earned, not the year the tax is paid. For instance, income tax paid in 2013 for income earned in 2012 is an expense for 2012. You do not deduct as a 2013 expense the income tax paid in 2013 for earnings in 2012.
Are free income tax estimators as good as paid estimators?
Yes, a free income tax estimator can be as good as a paid income tax estimator. A tax estimator just allows you to have an estimate of your tax return.
What was the highest percentage income tax being paid in 1918?
What was the highest percentage income tax being paid in 1918
Why the US personal income tax is considered a progressive tax?
As income increases the percentage of that paid as tax progressively increases. If it was a "flat tax" instead, the percentage paid would be constant regardless of income.
What is the meaning of gross income tax?
This means that Income tax is ucky and shouldn't have to be paid.
What income tax do you pay on 9600?
How much federal income tax is paid on $9600.00
What percentage of income tax is paid by what income group?
These numbers are for Federal Income Tax for 2008.The top 50% paid 97.3% of all Federal Income taxes collected.The top 10% paid 69.9%The top 5% paid 58.7%The top 1% paid 38.2%The bottom 50% of income earners only paid 2.7% of the total Federal Income tax in 2008
Which tax is only paid by the employee?
Federal Income Tax
What is income tax paid for?
estate Social Security tax A+
An irrevocable trust has 300k in cash in it and all income is tax exempt. Distributions were made some from principal some from the tax exempt interest. Is the principal treated as income on K-1?
The income on the trust is either taxed and paid by the trust or the beneficiary of the trust. The income being tax exempt should have been included on a return as what type of income is fully tax exempt for federal and state? A distribution from the trust is not taxable if the taxes on the income had already been paid by the trust. The income on the trust is either taxed and paid by the trust or the beneficiary of the trust. The income being tax exempt should have been included on a return as what type of income is fully tax exempt for federal and state? A distribution from the trust is not taxable if the taxes on the income had already been paid by the trust.
Is federal income tax direct or indirect?
Federal income tax is a direct tax on income and not an indirect tax. Direct taxes are paid directly to the government.
