Future Income Tax
1 definition found for this term.
Definitions are presented in the order source books were published (most recent first).
Financial Skills for Professionals$65.00 – $104.00
Income tax expected to be paid in future years based on business events and income tax calculations done up to the present. The liability and associated expense are calculated by the Liability method, which estimates the likely future tax payments directly. Sometimes replaces the deferral method and its Deferred Income Tax.