The formula to determine income tax payable is:
A)taxable income (from the income tax return)multiplied by the income tax rate.
B)taxable income(from the income statement)multiplied by the income tax rate.
C)income before income tax expense (from the tax return)multiplied by the income tax rate.
D)income before income tax expense (from the income statement)multiplied by the income tax rate.

Question

Quizplus · Accepted Answer

Income tax payable is calculated by multiplying the taxable income from the income tax return by the applicable income tax rate.

The Formula to Determine Income Tax Payable Is