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What else can I help you with?
Income tax allocation procedures are justified by what concept?
revenue recognnition
What is the concept of tax table about?
The concept of a tax table is about displaying the amount of tax due based on the income received. It is laid out graphically so that it is easier to decipher than just information.
Is Intraperiod tax allocations a Permanent Difference or temporary Difference?
When we talk about Permenent difference or temporary difference, we actually mean Interperiod Tax allocation. Intraperiod tax allocation involves apportionning the total tax provision for financial accounting purpose in a period between the income or loss from: Income frm continuing operation, Discontinued operations, Extraordinary items, Cumulative effect of accounting change, and other comprehensive income.
What is Before tax income after tax income?
Before tax income is gross income less allowable deductions and rebates = assessable income. After tax income is assessable income less the applicable income tax
What kind of income tax is based on your taxable income?
Income tax IS based on your income that is why it is called INCOME tax.
Is Payroll Tax considered Income Tax?
Yes. Any tax on income is income tax. Taxes imposed after income, such as sales tax, aren't.
What is a Fedeal income tax?
A income tax is a tax levied on the income of individuals or business.
How is 401K pretax?
"Pre-Tax" generally means that income to employee is diverted from income before being taxed. This pre-tax event reduced income and, therefore, reduces Federal and State income tax at the marginal tax rates of the account-holder. Roth contributions, however, are considered "after-tax". This concept essentially works in reverse. The funds are taxed before they go into the 401k account. However, the funds are generally withdrawn tax-free upon retirement.
Is Net income before or after tax?
Net income is what you get after tax, gross income is before tax.
Categories of residential status in income tax?
That is not a term or concept in US tax. Individual or corporate, or Partnership are, and of course, that just depends if your a person/family, corporation or partnership.
How are general partnerships taxed?
General partnerships are not taxed as separate entities; instead, they are considered pass-through entities. This means that the income, deductions, and credits of the partnership are passed through to the individual partners, who report their share on their personal tax returns. Each partner pays taxes on their portion of the partnership's income at their individual tax rates. Additionally, partnerships must file an informational tax return (Form 1065) with the IRS, detailing the partnership's income and the allocations to each partner.
Are income tax and taxable income the same thing?
No, income tax and taxable income are not the same thing. Taxable income is the amount of income that is subject to taxation, while income tax is the actual tax that is calculated and paid on that taxable income.
