Answer :
A company's income tax liability is referred to as "deferred tax liability" when it is not paid in full during the fiscal year. This record is accounted for on the accounting report of the organization as an obligation.
Taxable income is the sum of the following: pre-tax financial income, insurance costs, depreciation, and 154,000 dollars. Taxable income is $148,000.
A Deferred Tax Obligation: What Is It?
A listing on a company's balance sheet known as a "deferred tax liability" records taxes that are owed but will not be paid until a later date.
Is deferred tax a resource or a cost?
It varies. There are two kinds of deferred tax items: a liability and an asset. The first one is the money that the company owes (the deferred tax liability), and the second one is the money that the company is owed (the deferred tax asset).
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