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Net income tax liability the regular tax liability, plus any additional tax under AMT, minus any nonrefundable personal and other credits (but not reduced for the child tax credit). To line 57 of Form 1040, 37 of Form 1040A, or use the amount on line 10 of Form 1040EZ.
So Tax liability is
Total Federal Tax + AMT (Alternative Minimum Tax) - Tax Credits
The Total Federal Tax is from your W2 statement(s)
AMT is calculated from your tax return, for most people it is zero
Tax credits are for things like child care, foreign taxes paid and is also calculated on your tax return
Wiki User
∙ 15y ago
Wiki User
∙ 11y agoThe Talley corporation had a taxable income of $365,000 from operations after all operating costs but before 1. interest charges of $50,000, 2. dividends received of $15,000, 3, dividends paid of $25,000 and 4. Income assests. What are the firm's income tax liability and its after income? what are the company's marginal and average tax rates on taxable income?
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How do you calculate tax return?
if your tax liability is less than the amount of tax you paid, you subtract the liability from the amount paid. the result is your refund owed. if your tax liability is more than the amount of tax you paid, you subtract the amount you paid from your total liability. the result is what you owe.
What is Zero Tax Liability?
tax liability
How is deferred tax liability different from current tax liability?
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
What is the answer to Whittenburg Income Tax Fundamentals Comprehensive Problem Two Appendix D?
Jonathan is a 35-year old single taxpayer with adjusted gross income of 45000. He uses the standard deduction and has no dependents. (A)Calculate Jonathan's taxable income . B.When you calculate Jonathan's tax liability are you required to use the tax tables or the tax rate schedules, or does it matter? c. What is Jonathan's tax liability
Where can someone estimate their Tax Liability online?
You can estimate your Tax Liability online on Virginia.gov. Tax Liability online helps you to determine your estimated tax liability and how many payments you should make.
Is income tax an estimated liability?
is income tax estimated liability
What is zero tax?
tax liability
Why tax is liability?
If tax is still remains payable while close of books of accounts then it is a liability to be paid to tax authorities that's why shown under liability side of balance sheet as current liability.
Is deffered tax liability your current liability?
yes
What is the best way to find the original price of a stock for capital gains tax purposes?
How do i find the price of a share on 01.06.1993 in order to calculate any capital gains tax liability
How do i calculate tax liability of an ordinary income of 1500000?
510,000 is the answer. you have to use the equation based on a chart. for this i used 113,900+(.34(1,500,000-335,000))
How do you calculate VAT tax liability under Maharashtra works contract tax in case of government contractors?
You can use a tax formula to help with this. There are some of these forms available online through sites like TurboTax and HRBlock.
