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2. Tax expense - Wikipedia

   en.wikipedia.org/wiki/Tax_expense

   The result is a gap between tax expense computed using income before tax and current tax payable computed using taxable income. This gap is known as deferred tax. If the tax expense exceeds the current tax payable then there is a deferred tax payable; if the current tax payable exceeds the tax expense then there is a deferred tax receivable.

3. How Accounts Payable Are Recorded on a Balance Sheet - AOL

   www.aol.com/accounts-payable-recorded-balance...

   Accrued expenses: These expenses build up over time and must be paid for when the bill is due. For example, the utilities and wages required to run your business fall under accused expenses.

4. Accrued liabilities - Wikipedia

   en.wikipedia.org/wiki/Accrued_liabilities

   Wage Expense $200.00 Accrued Wages Payable $200.00 If the company does not record the 2nd transaction, both Expenses and Liabilities are understated. This will make the company's Income appear higher than it actually is, which can have very serious consequences.

5. Income tax - Wikipedia

   en.wikipedia.org/wiki/Income_tax

   The tax rate may increase as taxable income increases (referred to as graduated or progressive tax rates). The tax imposed on companies is usually known as corporate tax and is commonly levied at a flat rate. Individual income is often taxed at progressive rates where the tax rate applied to each additional unit of income increases (e.g., the ...

6. Deferred Tax Assets vs. Deferred Tax Liabilities: What's the ...

   www.aol.com/deferred-tax-assets-vs-deferred...

   The company can use its deferred tax asset to reduce the tax liability to $7,000, lowering its tax bill to $2,100 and saving $900. Deferred Tax Assets vs. Deferred Tax Liabilities What Is a ...

7. Write-off - Wikipedia

   en.wikipedia.org/wiki/Write-off

   In income tax calculation, a write-off is the itemized deduction of an item's value from a person's taxable income. Thus, if a person in the United States has a taxable income of $50,000 per year, a $100 telephone for business use would lower the taxable income to $49,900. If that person is in a 25% tax bracket, the tax due would be lowered by ...