Income Tax Payable Definition

The amount of liability will be based on its profitability during a given period and the applicable tax rates. Income tax payable is a liability that an entity incurs that is based on its reported level of profitability. A current liability account which reflects the amount of income taxes currently due to the federal state and local governments.

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Deferred Tax Asset Definition

Income tax payable definition february 07 2020 steven bragg.

Income tax payable definition. The tax can be payable to a variety of governments such as the federal and state governments within which the entity resides. Income tax payable is one component necessary for calculating an organization s deferred tax liability. Income tax payable is found under the current liabilities section of a company s balance sheet. Tax payable is not considered a long term liability but rather a current liability.

Income taxes payable definition. Income tax payable is a term given to a business organization s tax liability to the government where it operates. Income tax is used to fund public services pay government. Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction.