What Is the Definition of Tax Liability?

Answer

Tax liability is the amount of money a person owes the government in a year in terms of tax. This amount is often calculated as a percentage of one's income and varies according to income. There are also different taxables which incur different amounts of tax e.g. capital gains tax is usually lower than income tax.
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Ask.com Answer for: what is the definition of tax liability
Tax Liability
The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base. Taxable... More »
Tax liability is the tax one is legally obligated to pay to an authority. This happens as a result of an occurrence of a taxable event. The Tax liability is calculated by applying a proper tax tariff to the taxable event's tax base.
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