The term “income tax payable” refers to a company’s tax obligation to the government in which it operates. The amount of responsibility will be determined by the company’s profitability over a period of time and the appropriate tax rates. Because it is a debt that must be paid within the next 12 months, tax payable is designated a current liability rather than a long-term burden.
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On a broad level, income tax payable and deferred income tax liability are comparable in that they are financial liabilities that appear on a company’s balance sheet. However, from an accounting standpoint, they are distinct entities because income tax payable is a tax that has yet to be paid.
It’s still on the balance sheet because the tax period isn’t over yet. For example, if a company’s tax liability for the next tax period is $1,500, the balance sheet will show a $1,500 tax payable balance that must be paid by the due date. This can help you in solving Income Tax Payable Case Study.
It is critical for businesses and organisations to understand how to determine Calculation of Taxable Income on the balance sheet in order to provide correct financial reporting.
- Take the totals of all the taxes that must be paid, such as income tax, Medicaid tax, personal income tax, and welfare payments tax. Add up the totals of all the taxes.
- Check the balances to see if they already include the employer’s payment, especially on the Social Security and Medicaid accounts.
- To the sales tax liability account, other municipal taxes, and state income tax, add the total.
- Calculate the total amount and enter it in the Tax Payable column of the balance sheet.
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