Should federal Income tax be enetered in an income statement?

Question

Should federal Income tax be enetered in an income statement?

Answer 1

I believe that you are talking about a Federal Income Tax refund.  If that is the case the answer is NO!

Answer 2

Yes, federal income taxes are generally included on an income statement.  Typically when preparing the statement you will arrive at an amount of "Income before taxes," then deduct the income tax expense, then "net income."

Hope this helps.