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Yes, as tax is paid normally in next fiscal year so it is current liability and shown under current liability section
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Why tax is liability?
If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.
Is income tax an estimated liability?
is income tax estimated liability
What type of account is sales tax payable?
Liability
Is deffered tax liability your current liability?
yes
Interperiod Income Tax Allocation causes?
... the income tax expense reported on the income statement to equal the amount of income taxes payable for the current year plus or minus the change in the future income 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 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.
Formula for current liability?
Current Liability = sundry creditor+bank overdraft+ expenses payable+provision for tax,divident
Where does sales tax payable on the balance sheet go?
Sales tax payable is a current liability and is presented on the credit side of the balance sheet-
Why tax is liability?
If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.
Is income tax an estimated liability?
is income tax estimated liability
Do income taxes payable go on an income statement?
1. Income tax payable is the liability which is to be paid in future that;s why it will be shown in balance sheet liability side under current liabilities.
Why we treat provison for tax as current liability?
With the process of provision we create the amount and set aside to payment for taxes in future as it is payable in short term future that's why it is called current liability.
What type of account is sales tax payable?
Liability
Does sales tax payable have a normal credit balance?
All payable maintain a credit balance. A payable is a liability account and therefore like a liability does increase with a credit and decrease with a debit.
Where can someone estimate their Tax Liability online?
You can estimate your Tax Liability online on Virginia.gov. Tax Liability online helps you to determine your estimated tax liability and how many payments you should make.
Is deffered tax liability your current liability?
yes
