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What is the accounting entry for the Provision of Income Tax?
dr. income tax expense cr. income tax payable
With respect to prepaid income from services is the treatment of prepaid income the same for tax and financial accounting?
No - for financial accounting it is treated as deffered income (included in income when earned) and for tax perposes it is income in the year received.
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
What is Pst payable accounting?
it is other taxes payable like hormonised sales tax. It is not Income Tax or corporate Tax.
True Taxable income is a tax accounting term and is also referred to as income before taxes?
yes
What is the accounting entry for the Provision of Income Tax?
dr. income tax expense cr. income tax payable
What has the author Charles Heinrichs Langer written?
Charles Heinrichs Langer has written: 'Examination coaching course' -- subject(s): Accounting, Problems, exercises 'Walton federal income tax accounting and procedure, 1938' -- subject(s): Accounting, Income tax 'Federal tax course' -- subject(s): Accounting, Income tax, Tax accounting
With respect to prepaid income from services is the treatment of prepaid income the same for tax and financial accounting?
No - for financial accounting it is treated as deffered income (included in income when earned) and for tax perposes it is income in the year received.
What was one action that progressive's took to help poor people?
One action that progressives took to hellp poor people is work for a national income tax.
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
What is Pst payable accounting?
it is other taxes payable like hormonised sales tax. It is not Income Tax or corporate Tax.
True Taxable income is a tax accounting term and is also referred to as income before taxes?
yes
Why was the first national income tax composed?
For the US, the first Income Tax was started in 1913.
What is the accounting entry for Income Tax?
Account entry for income tax is a tax that you have to pay when you go in a store or a restaurant in Canada. http://chinese.com/ = this is the website where can you check the answer to make sure
What was one action that Progressives took to help the poor people?
Worked for a national income tax >apex
What has the author Joseph A Mauriello written?
Joseph A. Mauriello has written: 'Intermediate accounting' 'Techniques in Cosmetic Eyelid Surgery' 'Fundamentals of cost accounting' -- subject(s): Cost accounting 'The Irwin Federal income tax course' -- subject(s): Accounting, Corporations, Income tax, Law and legislation, Taxation
What if income tax provision is higher than deferred income tax?
You may not understand what your asking, in provision and "tax" are 2 different things. Provision is a purely accounting (GAAP) term. it has nothing to do with IRS tax really. It isn't even part of IRS vernacular really. An Income Tax Provision basically has 2 components; Deferred Tax Provision & Current Tax Provision. (Some ancillary accounting lines may have to do with credits and tax effect of state tax deduction for example). The total income tax provision is the combination of the 2. If current tax provision is higher than deferred tax provision, than the deferred tax provision is a tax benefit. A very common thing that happens when tax accounting requires a provision be recorded for income recorded for GAAP before it is income for tax.
