Question

income tax expense is comprised of which of the following components? multiple select question. deferred tax amount income tax receivable current income tax payable net income

Answer 1

Income tax expense is comprised of deferred tax amount, current income tax payable, and net income.

Step-by-step explanation:

Income tax expense is comprised of the following components:

• Deferred tax amount: This refers to the portion of income taxes that are deferred to future periods due to timing differences between when income is recognized for financial reporting purposes and when it is recognized for tax purposes.
• Current income tax payable: This refers to the amount of income tax that is currently due and payable for the current period.
• Net income: This refers to the taxable income earned by an individual or company, which serves as the basis for calculating income tax.