what is the formula for determining income tax expense? income tax expense = gross profit / tax rate income…

what is the formula for determining income tax expense? income tax expense = gross profit / tax rate income tax expense = gross profit x tax rate income tax expense = gross profit + tax rate income tax expense = gross profit - tax rate

what is the formula for determining income tax expense? income tax expense = gross profit / tax rate income tax expense = gross profit x tax rate income tax expense = gross profit + tax rate income tax expense = gross profit - tax rate

Answer

Brief Explanations:

Income tax expense is calculated by multiplying the gross profit by the tax rate. This is a basic accounting - finance concept where the tax amount owed is a proportion (the tax rate) of the gross profit.

Answer:

Income tax expense = Gross profit x Tax rate