Respuesta :
Base electronics incurred federal income tax payable of $1,540. the journal entry to record the federal income tax owed would be Income Tax Expense 1540 (D) and Cash 1400 (C).
What is federal tax vs income tax?
Federal earnings taxes are accrued with the aid of using the federal government, at the same time as kingdom earnings taxes are accrued with the aid of using the character kingdom(s) wherein a taxpayer lives and earns earnings.
Why do I owe federal taxes?
- If you had been overpaid, the IRS says it is probable you could owe cash back.
- Payments in 2021 had been primarily based totally on preceding years' returns, so a few situations — like an boom in earnings during 2021 or a baby growing old out of the benefit — may decrease the quantity owed to the taxpayer.
Learn more about federal taxes
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