answersLogoWhite

0


Best Answer

Essentially, they are taxes that are 'deferred' to a later time. Tax Liabilities are typically taxes you are required to pay on income, or profit, you have obtained. Being able to 'defer' them is a means by which you are allowed to push them off until a future date when your tax 'status' would place you in a tax bracket that withholds less taxes from your income (as in when you retire).

User Avatar

Wiki User

11y ago
This answer is:
User Avatar

Add your answer:

Earn +20 pts
Q: What is meant by 'deferred tax liabilities'?
Write your answer...
Submit
Still have questions?
magnify glass
imp
Related questions

Are all temporary differences that exist at balance date recognised as deferred tax assets or deferred tax liabilities?

yes - either a deferred tax asset (DTA) or a deferred tax liability (DTL).


What are some examples of items that cause deferred tax assets or deferred tax liabilities?

Examples of items that can cause deferred tax assets include net operating loss carryforwards, tax credits, and deductible temporary differences such as depreciation or bad debt expense. Examples of items that can cause deferred tax liabilities include taxable temporary differences such as accelerated depreciation or prepaid revenues. Additionally, changes in tax rates can also give rise to deferred tax liabilities or assets.


What is meant by deferred liability?

Essentially, they are taxes that are 'deferred' to a later time. Tax Liabilities are typically taxes you are required to pay on income, or profit, you have obtained. Being able to 'defer' them is a means by which you are allowed to push them off until a future date when your tax 'status' would place you in a tax bracket that withholds less taxes from your income (as in when you retire).


When do you debit the deferred tax asset?

When there is a difference between the carrying amounts and tax bases of: 1. Assets 2. Liabilities 3. Expenses which leads to a reduction in your future tax liability.


What is tax deferred wages?

Tax-deferred wages is a reference to income of which there is no tax withholding. The taxes on the wages will be deferred until the end of the year.


Tax treatment of deferred revenue expenditure?

What Did you mean by deferred revenue tax


Where can one find deferred tax assets?

Deferred tax assets are when its determined that the company will have positive accounting income during the fiscal period. After that, the deferred tax assets can be applied.


What is wage tax?

Tax-deferred wages is a reference to income of which there is no tax withholding. The taxes on the wages will be deferred until the end of the year.


What is deffered taxation?

Deferred tax is an accounting concept, meaning a future tax liability or asset, resulting from temporary differences between book (accounting) value of assets and liabilities and their tax value, or timing differences between the recognition of gains and losses in financial statements and their recognition in a tax computation


Why would one need a deferred tax liability?

Deferred tax liability is necessary when a company's balance sheets fail to reflect what they are claiming on their tax returns. This can occur, for example, in cases of deferred payments from customers.


If future income tax liability is deferred income tax?

If that is what the amount is that you may owe and that is what you want to call it YES it would be your deferred income tax amount.


What is a deferred tax?

Is the amount you delayed to pay for tax in future.