Account that receives funds that are necessary to meet tax obligations for that year. This account is listed in a company's general ledger as current liabilities. Some companies use this account to pay taxes on a monthly, quarterly, or yearly basis. The amount present in the account may fluctuate depending on current corporate tax liabilities and laws.
Related information about income tax payable:
- Income Tax Payable Definition | Investopedia
A type of account in the current liabilities section of a company's balance sheet. This account is comprised of taxes that must be paid to the government within ...
- What is income tax payable? definition and meaning
Definition of income tax payable: Account that receives funds that are necessary to meet tax obligations for that year. This account is listed in a company's ...
- How to Calculate the Income Tax Payable for a Business | Chron.com
C-Corporations must file IRS Form 1120 by the fifteenth day of the third month following the end of the corporate tax year. To receive an automatic six month ...
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As an employer, you are responsible for calculating and withholding the correct amount of federal income tax from your employees' paychecks. You must then ...
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An income tax payable is an entry on accounting disclosures indicating the amount of money due for income tax within the next year. Many companies establish ...
- Income Tax Payable - AccountingTools
Income Tax Payable Definition. ... Definition: Income tax payable is a liability that an entity incurs that is based on its reported level of profitability, and which can ...
- 19 - UCSB Economics
Income tax payable. 1,750. Income tax provision. 2,450. NOTE that the income tax expense of $2,450, which was a plug for us, works out to be 35% of the GAAP ...
- How Do You Calculate Income Tax Payable?
This depends upon what kind of income you have. Are you salaried, self employed, have schedule B, C, E income? It would hard to just answer this question ...