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Old 01-28-2013, 06:19 AM
Join Date: Dec 2012
Posts: 28
What is income Tax expense a percetage of?

Hello all,

I have an adjusting journal entry that says Income Tax Expense is .32 with no extraordinary or unusual items to consider in this calculation. What is this a percentage of? What is the calculation?
I have the entry as a debt to Income Tax Expense and a Credit to Income Tax Payable.

Thanks in advance
Duncan Jones

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