Income Taxes Payable (SF.BS.IncomeTaxesPayable) refers to the income taxes payable to the Government, that have already been determined in terms of amount and payable date.

Income Taxes Payable (SF.BS.IncomeTaxesPayable) is different from Deferred Income Tax – Current Liability (SF.BS.DeferredIncomeTax_CurrentLiability) since the latter is an estimated amount only.

Income Taxes Payable (SF.BS.IncomeTaxesPayable) includes:

• Income taxes payable to foreign governments
• Accrued income taxes

Income Taxes Payable (SF.BS.IncomeTaxesPayable) does not include:

• Direct taxes such as Excise taxes payable, franchise taxes payable, property taxes payable, payroll taxes payable, sales taxes accrued, pump taxes accrued (shown in Accrued Expenses (SF.BS.AccruedExpenses))

Related Entries

• Acceptances Outstanding (SF.BS.AcceptancesOutstanding)
• Accounts Payable (SF.BS.AccountsPayable)
• Accounts Receivable – Trade, Gross (SF.BS.AccountsReceivable_TradeGross)
• Accounts Receivable – Trade, Net (SF.BS.AcctsReceivable_TradeNet)
• Accrued Expenses (SF.BS.AccruedExpenses)