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Liability
The taxes to this type of plan are deferred and not paid until money is withdrawn from an account.
The answer is no.A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
Deferred expenditure refers to expenses incurred which do not apply to the current accounting period. Instead, they are debited to a 'Deferred expenditure' account in the non-current assets area of your chart of accounts. When they become current, they can then be transferred to the profit and loss account as normal.
When you qualify to deduct the amount on your income tax return for the year and do pay any income in that year on the amount then it would be deferred compensation. When you start taking the distributions form the IRA account you do not have any cost basis in the deferred compensation account so the distribution will be subject to income tax at that future time.
Liability
is accrued assets
The taxes to this type of plan are deferred and not paid until money is withdrawn from an account.
The answer is no.A contra account to the "Income Tax Benefit (Deferred)" would be a "Income Tax Charge (Deferred)".
Post to Commissions Earned, an income account and Commissions Receivable, a current asset account.
401 (k)
Deferred expenditure refers to expenses incurred which do not apply to the current accounting period. Instead, they are debited to a 'Deferred expenditure' account in the non-current assets area of your chart of accounts. When they become current, they can then be transferred to the profit and loss account as normal.
A deferred annuity fund is an annuity contract that does not pay out income or installments until the customer decides to withdraw the funds from the account.
A "deferred" debit card is a debit card that debits purchases once a month as oppose to one to two days after a purchase. Generally Deferred debit cards are issued in conjunction with a brokerage account.
Debit Cash Credit Deferred (or unearned) Revenue - Subscription Sales As the subscriptions are fulfilled - if the total amount of a subscription for 12 (monthly) magazines is 120.00 then each month: Debit Deferred Revenue - Subscription Sales for 10.00 Credit Subscription Sales for 10.00 (Deferred Revenue is a liability account)
When you qualify to deduct the amount on your income tax return for the year and do pay any income in that year on the amount then it would be deferred compensation. When you start taking the distributions form the IRA account you do not have any cost basis in the deferred compensation account so the distribution will be subject to income tax at that future time.
Yes...actively working isn't a requirement