Answer: Income tax payable and any changes in deferred tax assets and liabilities combine to form income tax expense.
Explanation: According to the guidelines outlined in the income tax legislation, every individual and every company is required to pay income tax on the income they receive throughout each fiscal year. The government imposes an income tax on all taxable income, including that of both people and enterprises. Businesses typically include this amount on their annual income statement, where they can use it to determine overall costs and profits. As the name implies, income tax expense only takes into account taxes on income, not on other assets like property.
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