Sign In
Ask Question
Kayleigh Ibarra
Business
11 June, 21:25
How do you find tax liability?
+2
Answers (
1
)
Xander Maddox
11 June, 21:40
0
Find answer in the explanation below
Explanation:
Tax liability can be defined as the total amount of taxes an individual, corporation, company, etc owes a tax authority or service at a given period of time.
The Internal Revenue Service is responsible for the taxation and collection of taxes from individuals to multinationals.
tax liability can also simply be said to be the amount in taxes that is owed the government individuals downs to multinationals.
Tax liability can be found or derived from taxable incomes. This is started by deducting taxable income - tax deductions = gross tax liability
gross tax liabilty - tax credits = tax liability.
Cheers.
Comment
Complaint
Link
Know the Answer?
Answer
Not Sure About the Answer?
Find an answer to your question 👍
“How do you find tax liability? ...”
in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
What energy is transfomed that takes place you lifting a chair?
Answers (1)
Honest Abe's is a chain of furniture retail stores. Integral Designs is a furniture maker and a supplier to Honest Abe's. Honest Abe's has a beta of 1.38 as compared to Integral Designs' beta of 1.12. Both firms carry no debt, i. e.
Answers (1)
Brick Co. has 170,000 shares of common stock outstanding at January 1, 2015. On May 1, 2015, it issued 30,000 additional shares of common stock. Outstanding all year were 12,000 shares of convertible cumulative preferred stock.
Answers (1)
During January 2016, Wells Corporation purchased $200,000 of inventory; they paid one-fourth in cash, and signed a note for the remaining balance. This transaction will be recorded as:
Answers (1)
Which of the following statements about the Dividends account is (are) correct? (Check all that apply.) a. Dividends is used to record distributions of assets to the owners of a business. b. Dividends are increased on the left side of the T-account.
Answers (1)
New Questions in Business
What is the policy that allows business to operate with little or no government interference?
Answers (1)
Suppose a country is in the midst of an economic boom and is running large budget surpluses. The prime minister suggests that due to the good economic conditions, the time is ripe for a large tax cut.
Answers (1)
What term refers to the efficient use of resources?
Answers (1)
Beautiful Watches has two product lines: Luxury watches and Sporty watches. Income statement data for the most recent year follow: ... Total ... Luxury ... Sporty Sales revenue ... $490,000 ... $360,000 ... $130,000 Variable expenses ... 359,000 ...
Answers (1)
The following data pertain to an investment proposal: Required investment $75,000 Annual cash savings $18,000 Projected life of investment 8 years Projected salvage value $4,000 Required rate of return 16% Ignoring income taxes, how much is the net
Answers (1)
Home
»
Business
» How do you find tax liability?
Sign In
Sign Up
Forgot Password?