What is income taxes payable?

Answer Most individuals file tax returns and pay income taxes. Many businesses pay taxes as well. Income for sole proprietorships and partnerships flows through to the individual owners' tax returns. Corp... Read More »

Top Q&A For: What is income taxes payable

What Is Taxes Payable?

Taxes payable is more commonly referred to as income taxes payable. Income taxes payable is a term in accounting that records income taxes due to local, state and federal governments. The account t... Read More »

Is income Tax Payable on income statement?

No. Income taxes payable is a liability and would show up on the balance sheet (although it might not have its own caption depending on how material the number is compared to the rest of the Compan... Read More »

How to Withhold Taxes Payable?

Withholding taxes are the federal and, in most cases, state payroll taxes that employers are required to deduct from employees' paychecks. Federal withholding taxes are federal income tax, Social S... Read More »

How to Calculate Taxes Payable?

Every company and business must pay its share of taxes if it is in business to make a profit. The amount of tax the business must pay depends on several factors, but ultimately it is a percentage o... Read More »