Taxes payable and pretax income

CFA Level I FRA
#1

Can somebody please clarify which goes under the income statement and which goes on the tax return.

Pretax income

Taxes payable

Taxable income

Tax expense

Thanks

#2

Pretax income – Income Statement

Taxes payable – Tax Return

Taxable income – Tax Return

Tax expense – Income Statement

#3

Shall the “Taxes Payable” be on B/S ?

#4

_ All _ payables are on the balance sheet: they’re liabilities.

#5

Thanks for confirming - there are some mistakes in the schweser book they refer to Pretax income as taxable income.

#6

Yes, they have done that in Schweser. Thanks for asking this question.