十 Investment Tools Financial Statement Analysis Liabilities分析和总结.docxVIP

十 Investment Tools: Financial Statement Analysis: Liabilities A: Analysis of Income Taxes a: Define the key terms used in accounting for income taxes. Tax return terminology : Taxable income: Income based upon IRS rules that determine taxes due. Taxes payable: The taxes due the government determined by taxable income and the tax rate. This is also referred to as “current tax expense or benefit”. Income tax paid: Actual cash flow for income taxes, including payments or refunds for other years. Tax loss carryforward: The current net taxable loss that is used to reduce taxable income (thus taxes