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What is the difference between income tax expense and income tax payable?
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∙ 14y ago
Income statement & balance sheet.
Wiki User
∙ 14y ago
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Is tax payable on income an expense?
Taxes are payable on income less expenses
What is the accounting entry for the Provision of Income Tax?
dr. income tax expense cr. income tax payable
What is the difference in percentage of income versus percentage of expense?
Income = expense + savings&investments Income = expense + savings&investments
What is the difference between salary payable and salary expense?
Gross earnings are recorded as Salaries Expense. It encompasses the employees net pay and all withholdings (income tax, FICA). If the employee is to be paid at the time the entry is made, you would credit cash for the amount of the net pay. If the employee is to be paid at a later date (probably within the current year or operating cycle), then you would instead credit Salaries Payable. When the employee is finally paid, you would debit salaries payable and then credit cash.
What is the difference between salaries payable and salaries expense?
Gross earnings are recorded as Salaries Expense. It encompasses the employees net pay and all withholdings (income tax, FICA). If the employee is to be paid at the time the entry is made, you would credit cash for the amount of the net pay. If the employee is to be paid at a later date (probably within the current year or operating cycle), then you would instead credit Salaries Payable. When the employee is finally paid, you would debit salaries payable and then credit cash.
Is tax payable on income an expense?
Taxes are payable on income less expenses
An excess of income taxes expense over income taxes payable for a period is associated with?
a credit to deferred income taxes payable
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.
What is the difference between revenue and expense called?
Net Income
What is the accounting entry for the Provision of Income Tax?
dr. income tax expense cr. income tax payable
What is the difference in percentage of income versus percentage of expense?
Income = expense + savings&investments Income = expense + savings&investments
How do record accrural of federal unemployment TAX?
Debit: Income tax expense Credit: Income tax payable
What is the difference between Income Tax and Provision of Income Tax?
Provision for income tax refers to the line item in the profit and loss statement. Income tax is a broad term and could mean current taxes (taxes actually payable to Government), Tax expenses/provision for tax- taxes reported in the P&L or deferred taxes (difference between current taxes and tax expense).
Is accrued expense a financial liability?
If you are doing adjusting entries, an accrued expense will affect a balance sheet account (payable) and an income statement account (expense). Such as accrued interest at the end of year would be: Interest Expense (Debit) Interest Payable (Credit)
Are dividends payable an expense or owner equity?
Dividend payable are from current year's net income portion it is liability of business as soon as dividend declared.
What is the difference between salary payable and salary expense?
Gross earnings are recorded as Salaries Expense. It encompasses the employees net pay and all withholdings (income tax, FICA). If the employee is to be paid at the time the entry is made, you would credit cash for the amount of the net pay. If the employee is to be paid at a later date (probably within the current year or operating cycle), then you would instead credit Salaries Payable. When the employee is finally paid, you would debit salaries payable and then credit cash.
What is the difference between salaries payable and salaries expense?
Gross earnings are recorded as Salaries Expense. It encompasses the employees net pay and all withholdings (income tax, FICA). If the employee is to be paid at the time the entry is made, you would credit cash for the amount of the net pay. If the employee is to be paid at a later date (probably within the current year or operating cycle), then you would instead credit Salaries Payable. When the employee is finally paid, you would debit salaries payable and then credit cash.
