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Yes, Vacation pay is an estimated liability, You do not know when the employee will take vacation or if the employee may have received a raise between now and then. You do know however that the employee will take vacation and that in itself is a liability expense.

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15y ago

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Is accrued vacation pay belong to current liability?

No, it belongs to non-current liability


How much should I pay in quarterly estimated taxes?

The amount you should pay in quarterly estimated taxes depends on your income and tax liability. It is typically recommended to pay at least 90 of your current year's tax liability or 100 of your previous year's tax liability to avoid penalties. It's best to consult with a tax professional to determine the exact amount you should pay.


Is income tax an estimated liability?

is income tax estimated liability


When do you have to pay your income tax liability?

The dates your Estimated Tax Payments would be due is : April-15 June-16 September-15 January-15 of 2009 Your tax liability is due when you file your tax return and have a liability due with that return. IRS 1040 income tax returns are due on April 15 of each year for the previous year. The IRS requires that you pay what you owe from your tax return when you file. If you are self employed you are required to make estimated quarterly tax payments to help you pay your overall liablilty. If you have been caught short and owe a liability you can not pay, there are options for you. There are online resources that can help you with that.


How can I pay estimated tax?

You can pay estimated tax by using the IRS Direct Pay system, mailing a check or money order, or paying online through the Electronic Federal Tax Payment System (EFTPS). It's important to estimate your tax liability accurately and make timely payments to avoid penalties.


How much estimated tax do you have to pay?

The amount of estimated tax you have to pay depends on your income and other financial factors. It is typically calculated based on your expected income for the year and any deductions or credits you may qualify for. It is important to accurately estimate your tax liability to avoid penalties for underpayment.


What do you mean by internal and external liability of the company?

internal liability mean that company will pay salary, so salary is internal liability, and the company will pay interest to bank it is external liability.


Does employer have to pay vacation in Texas?

does employer ave to pay vacation in texas


Where can someone estimate their Tax Liability online?

You can estimate your Tax Liability online on Virginia.gov. Tax Liability online helps you to determine your estimated tax liability and how many payments you should make.


Is estimated warranty liability a current or noncurrent liability?

Estimated warranty liability is generally classified as a current liability. This is because it represents the company's obligation to repair or replace products within a warranty period, which typically falls within one year. However, if the warranty period extends beyond one year, any portion of the liability that is expected to be settled after that period may be classified as a noncurrent liability.


Is interest due during a tax dispute?

It depends upon the result of the dispute. if the liability to pay tax is confirmed on an appeal, interest accurues even during the period when the liability is in dispute. Because the liability to pay is there before the dispute and after the dispute. If the liability is deleted on an appeal, there is no liability to pay tax before the appeal and after the appeal. When there is no liability there is no interest there upon.


How is vacation pay taxed?

Vacation pay is generally taxed as regular income by the government. When you receive vacation pay, it is added to your total income for the year and taxed accordingly.