he Dakota Corporation had a 2021 taxable income of $31,500,000 from operations after all operating costs but before (1) interest charges of $8,400,000, (2) dividends received of $740,000, (3) dividends paid of $5,200,000, and (4) income taxes (the firm’s tax rate is 21 percent). a. Calculate Dakota’s income tax liability. (Round your answer to the nearest dollar amount.) Income tax liability   b. What are Dakota’s average and marginal tax rates on taxable income? (Round your answers to 2 decimal places.)       Average tax rate   % Marginal tax rate   %

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Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.