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income taxes payable

(Dictionary)

Author:
Harold Averkamp, CPA, MBA

Definition

A current liability account which reflects the amount of income taxes currently due to the federal, state, and local governments.

Dictionary

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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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