The following is a list of terms and definitions. To answer this question, match each term to the correct definition in the answer area. (Each definition can only be used once, and all definitions should be used to answer this question). Terms Deferred Taxes Taxes Payable Tax Expense The amount of tax that relates to activity that occurred during the current accounting period. This amount appears on a company's income statement Drop Item Here Calculated by multiplying a company's applicable income tax rate by its taxable income. It can be found on the company's tax return and is the amount of taxes actually owed to the government. Drop Item Here Arise from a temporary difference in the timing between recognizing the tax expense for a given period on the financial statements compared to actually filing and paying the taxes per the tax records. Drop Item Here