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What is Zero Tax Liability?
tax liability
What are the four taxes that our governments collect?
Sales tax Income tax Property tax Inflation tax Inheritance tax Poll tax Social Security tax Tariff tax Wealth Tax Financial transaction tax Expatriation tax Currency transfer tax Environmental tax Capital gains tax Bank tax
When filing for the federal income tax return do you have to attach schedule a for the state income tax return?
No, when filing for the federal income tax return, you do not attach the Schedule A for the state income tax return.
What is considered a tax credit and what will reduce the taxes you owe?
When any one has a credit amount that you could possibly receive it could be a good thing for you. Tax credit is a possible amount that you could qualify for IF you meet all of the rules that have to be met for that purpose. You can have a refundable credit amount or a nonrefundable credit amount. And it could be possible that either one could reduce the amount of your federal income tax liability once your federal 1040 income tax return is completed correctly down to the last line on the 1040 income tax return.
Is the energy credit a nonrefundable tax credit?
This is a nonrefundable tax credit and when your income tax liability is -0- ZERO you cannot use any of the nonrefundable tax credit to reduce your income tax in the current year 2009. You can carry it forward to a future year. Form 5695 line 28 Credit carry forward to 2010. If line 27 is less than line 23, subtract line 27 from line 23
Is income tax a current liability or an expense?
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
How is deferred tax liability different from current tax liability?
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
Do income taxes payable go on an income statement?
1. Income tax payable is the liability which is to be paid in future that;s why it will be shown in balance sheet liability side under current liabilities.
The result of interperiod tax allocation is that?
The income tax expense on the income statement is the sum of the income taxes payable for the year and the changes in deferred tax asset or liability balances for the year.
Interperiod Income Tax Allocation causes?
... the income tax expense reported on the income statement to equal the amount of income taxes payable for the current year plus or minus the change in the future income tax asset or liability balances for the year.
Is income tax payable located on a balance sheet or income statement?
No. Income taxes payable is a liability and would show up on the balance sheet (although it might not have its own caption depending on how material the number is compared to the rest of the Company's liabilities). The income statement account that is typically "the partner" to the income taxes payable account is the current tax provision.
Is income tax an estimated liability?
is income tax estimated liability
Is tax payable on income an expense?
Taxes are payable on income less expenses
Is income tax payable in jammu and kasmir?
yes income tax is payable in jammu and kashmir if the person is the resident of it.
What is a FIT payable?
It stands for federal income tax payable.
What type of account is sales tax payable?
Liability
What is the accounting entry for the Provision of Income Tax?
dr. income tax expense cr. income tax payable
