Which one of the following represents the provisional tax return? a. Tax return prepared on the basis of the information available at the date of preparation. b. Tax return submitted within six months of the end of the tax year c. None the options d. Tax return submitted within five months of the end of the tax year

Which one of the following represents the provisional tax return? a. Tax return prepared on the basis of the information available at the date of preparation. b. Tax return submitted within six months of the end of the tax year c. None the options d. Tax return submitted within five months of the end of the tax year

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter3: Taxes On The Financial Statements

Section: Chapter Questions

Problem 31P

See similar textbooks

Similar questions

27. Which of the following is a type of regular income tax a. Individual Income tax b. Corporate Income Tax c. Mixed Earner Income Tax O d. Both A and B 28. A taxpayer using GAAP cash - basis on a calendar year shall compute the taxable income using * a. Tax cash basis on a calendar year b. Tax cash basis on a fiscal year c. Tax accrual basis on a calendar year d. Tax accrual basis on a fiscal year
1. What is the total deferred tax liability at December 31, 20x6? 2. What is the total deferred tax asset at December 31, 20x6? 3. What is the current income tax expense for the year ended December 31, 20x6? 4. What is the total income tax expense for 20x6?
(1) Prepare the statement of income during Year 1. Pre-tax financial income Income tax expense-current Income tax expense-deferred Net income Effective tax rate (2) Prepare the tax accounts section of balance sheet as of December 31, Year 1. |Income tax payable Deferred tax assets Deferred tax liabilities
Required: a. Calculate the current and deferred tax of Bright Star Ltd for each year, 2018 and 2019 b. Prepare the required tax journal entries for each year.
How much is the income tax payable to be presented in the statement position at year end?
1st statement: Taxable income from self-employment (business and profession0 is reported on a quarterly and annual basis. 2nd statement: The quarterly income tax return shall filed and the tax paid as follows: 1st Q - not later than May 15, 2nd Q - not later than August 15, 3rd Q - not later than November 15 a. both statements are false b. 1st statement is true but 2nd statement is false c. both statements are true d. 1st statement is false but 2nd statement is true
Definitions The FASB has defined several terms in regard to accounting for income taxes. Below are various code letters (for terms) followed by definitions. 1. The deferred tax consequences of future deductible amounts and operating loss carryforwards 2. A difference between the tax basis of an asset or liability and its reported amount in the financial statements that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled, respectively 3. Temporary difference that results in taxable amounts in future years when the related asset or liability is recovered or settled, respectively 4. The future effects on income taxes, as measured by the applicable enacted tax rate and provisions of the enacted tax low, resulting from temporary differences and operating loss carryforwards at the end of the current year 5. The change during the year in a corporations deferred tax liabilities and assets 6. The deferred tax consequences of future taxable amounts 7. The portion of o deferred tax asset for which it is more likely than not that a tax benefit will not be realized 8. Temporary difference that results in deductible amounts in future years when the related asset or liability is recovered or settled, respectively 9. The sum of income tax payable and deferred tax expense (or benefit) 10. The amount of income taxes paid or payable (or refundable) for the current year 11. An excess of tax deductible expenses over taxable revenues in a year that may be carried forward to reduce taxable income in a future year 12. The excess of taxable revenues over tax deductible expenses and exemptions for the year 13. Income tax expense divided by income before income taxes
Which general principle applies to the reporting of income tax expenses under interim income statement accounting principles A Reporting should not be done unless there are unusual events that occur in the period and are expect to affect the fiscal year tax liability. B Reporting should be based on a prorate share of the previous fiscal year’s taxes C Reporting should be based on an estimate of the effective annual tax rate and tax liability for the full fiscal year. D Reporting should be based on the last year’s effective tax rates and tax liability for the full fiscal year.
*see attached problem REQUIRED: What is the deferred tax balance at year-end?
Which of the following is not a type of tax year? 52/53 week Year Fiscal Year Calendar Year Long Year