Tax Liability

Tax Liability

About Tax Liability: amount owed to a taxing body. Tax liability is the amount of tax computed as due. Taxpayers pay their federal and some States (like Massachusetts) income tax liabilities through withholding, estimated tax payments, and payments made with the tax forms they file with the government. For example, an individual might owe a federal income tax, alternative minimum tax, state income tax, city income tax, property tax, sales tax, excise tax, gift tax, occupational tax, and others in the same year. Former IRC (check if this IRC provision is current here) §§ 1 and 11.

The amount of tax that must be paid. Taxpayers meet (or pay) their federal income tax liability through withholding, estimated tax payments, and payments made with the tax forms they file with the government.

See Excise and Excise.

State Income Tax

See Indirect Tax in the U.S. Reference and Indirect Tax in the International reference. See Tax Forms in the Encyclopedia.

See Property Tax in the American Legal Encyclopedia and Property Tax in the World Legal Encyclopedia.

See Sales tax in the U.S. Encyclopedia and Sales tax in the International Encyclopedia.

Description and Definition of Tax Liability

The amount of tax you owe. The total amount of tax that a person must pay.

Resources

See Also

Further Reading

Resources

Further Reading

  • Tax Aspects of Divorce and Separation (LJP)
  • Tax Controversies: Audits, Investigations, Trials
  • Tax Planning For Corporations and Shareholders
  • Taxation of Intellectual Property and Technology
  • Taxation of Mining Operations
  • Taxation of Securities Transactions

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