A business keeps tax records for all of the following except: a. sales tax b. profit tax c....
Question:
A business keeps tax records for all of the following except:
a. sales tax
b. profit tax
c. income tax
d. payroll deductions
Taxes:
Taxes are statutory obligations that we need to pay to the government. The government uses the funds collected from taxes for the country's development, security, and welfare.
Answer and Explanation: 1
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View this answerThe correct option is (b.) profit tax.
There is no such thing as profit tax, and hence businesses cannot keep records for such taxes.
- For sales...
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Calculating Corporate Income Taxes by Deferred Tax Benefits
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Chapter 8 / Lesson 3
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Explore methods of calculating corporate income taxes by deferred tax benefits. Examine inter-period tax allocation, review the balance sheet approach of ASC 740, view a balance sheet presentation, and see the current period tax expense impact.
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