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WHAT IS etd payable?
ETD payable = Employer Tax Deductions Payable
Who do you make a check out for your state taxes in California?
"Franchise tax board"
What is SIT payable?
SIT payable, or State Income Tax payable, refers to the amount of state income tax that a business or individual owes to the state government but has not yet paid. This liability is recorded on the balance sheet as a current liability until it is settled. It typically arises from income earned during a specific period and is calculated based on applicable state tax rates. Timely payment of SIT is crucial to avoid penalties and interest.
How do I check the status of my state tax?
“How do I check the status of my state tax?”
How do you post sales tax payable as journal entry?
debit sales tax expensecredit sales tax payable
Who do we make the check payable for Texas franchise tax?
When making a check payable for Texas franchise tax, you should make it payable to the "Texas Comptroller of Public Accounts." It's important to include your business's name and taxpayer number on the check to ensure proper crediting of your payment. Always verify the latest payment instructions from the Texas Comptroller's website or official communications, as procedures may change.
Your tax refund check was sent to wrong address?
Contact the tax agency (state or federal) that was supposed to issue the refund and ask if the check made payable to you was ever cashed. If not, it can be re-issued - if it was, ask them how to proceed since you allege that you never received it.
WHAT IS etd payable?
ETD payable = Employer Tax Deductions Payable
Who do you make a check out for your state taxes in California?
"Franchise tax board"
What is SIT payable?
SIT payable, or State Income Tax payable, refers to the amount of state income tax that a business or individual owes to the state government but has not yet paid. This liability is recorded on the balance sheet as a current liability until it is settled. It typically arises from income earned during a specific period and is calculated based on applicable state tax rates. Timely payment of SIT is crucial to avoid penalties and interest.
What is a sample journal entry for payroll including federal and state taxes?
Debit payroll expenseCredit cashcredit federal tax payablecredit state tax payable
How do I check the status of my state tax?
“How do I check the status of my state tax?”
How do you post sales tax payable as journal entry?
debit sales tax expensecredit sales tax payable
Is tax payable a debit or credit?
Tax payable is typically classified as a liability on the balance sheet, which means it is recorded as a credit. When a business incurs a tax obligation, it increases its tax payable account with a credit entry. Conversely, when the tax is paid, the tax payable account is debited to reflect the decrease in the liability.
What is Pst payable accounting?
it is other taxes payable like hormonised sales tax. It is not Income Tax or corporate Tax.
What is a FIT payable?
It stands for federal income tax payable.
Does gross sales include sales tax?
No. The sales tax is posted as a credit to the Sales Tax Payable Account. So, if you had a $100 sale plus $5 sales tax, you would debit cash $105, credit Sales $100 and credit Sales Tax Payable $5 Sales taxes are a collection you make for the State. It is funds entrusted to you by the State to be paid over to them. They are not part of your sales or receipts. (Gross income will be sales less cost of sales. This is before selling, general, administrative, interest and tax expenses are taken out.)
