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What kind? Refund - me. Payment - government. And that looks odd to me - a "check" has nothing to do with money here; that's a cheque.
Supposedly there are no silly questions.
In the States, Mr. I. R. Ess has the job of endorsing and cashing millions of income tax payment cheques. This keeps him busy most of the year; a tough job but somebody's got to do it.
Only silly answers.
What else can I help you with?
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
Entry for Provision for Income Taxes?
You will need two accounts: Income tax expenses (an expense account, obviously) Provision for income tax (a liability account) You will simply: debit provision for income tax credit income tax expenses When actually paying income tax, you will: debit cash credit provision for income tax
Can you deposit your niece's income tax return into your account with permission?
Can I deposit my niece's income tax return check with her permission <><><><><> Your niece needs to countersign the income tax refund check.
How does income taxes affect net cash flow?
An individual's net income is used to determine how much income tax is owed. ... cash flows from operating activities ...
How do you record tax refund in journal entry?
To record a tax refund in a journal entry, you would typically debit the Cash account to reflect the increase in cash received. At the same time, you would credit the Income Tax Receivable account (if previously recorded) or the Income Tax Expense account to reduce the tax expense. The entry would look like this: Debit Cash Credit Income Tax Receivable (or Income Tax Expense). This reflects the receipt of the refund and adjusts the related accounts accordingly.
What are the accounting journal entries to record income tax payments?
debit income tax paidcredit cash
What journal entries can you make to provide for income tax?
Debit income tax expensesCredit cash / bank
Where does income tax liability go on the cash flow statement?
income tax liability is not part of cash flow statement rather it is part of balance sheet.
I received 191000 in a cash out refinance do I have to pay income tax on the money?
The proceeds of a loan are not income, so no tax.
How should I create a journal entry to record an income tax refund?
To create a journal entry for recording an income tax refund, debit the cash account for the amount of the refund received and credit the income tax refund account. This will accurately reflect the increase in cash and the corresponding decrease in the income tax refund liability.
Entry for Provision for Income Taxes?
You will need two accounts: Income tax expenses (an expense account, obviously) Provision for income tax (a liability account) You will simply: debit provision for income tax credit income tax expenses When actually paying income tax, you will: debit cash credit provision for income tax
Do you have to pay income tax on a cash gift?
If it is over $13,000
Can you deposit your niece's income tax return into your account with permission?
Can I deposit my niece's income tax return check with her permission <><><><><> Your niece needs to countersign the income tax refund check.
Can you cash a check that is over a year old?
No, you cannot cash a check that is one year old. In most cases, a check that is six months old is usually stale. This therefore means that the check cannot be cashed.
Should tax refund be listed as income on schedule I?
No. It is either cash (if received) or a receivable. It is not income.
How does income taxes affect net cash flow?
An individual's net income is used to determine how much income tax is owed. ... cash flows from operating activities ...
How do you record tax refund in journal entry?
To record a tax refund in a journal entry, you would typically debit the Cash account to reflect the increase in cash received. At the same time, you would credit the Income Tax Receivable account (if previously recorded) or the Income Tax Expense account to reduce the tax expense. The entry would look like this: Debit Cash Credit Income Tax Receivable (or Income Tax Expense). This reflects the receipt of the refund and adjusts the related accounts accordingly.
