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tax liability

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10y ago

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What is zero tax?

tax liability


Why is federal withholding zero?

Federal withholding may be zero if an individual's income is below the minimum threshold for federal income tax or if they have claimed enough deductions and credits to offset their 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.


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


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.


Which reduces your tax liability more, a deduction or a credit?

A tax credit reduces your tax liability more than a deduction.


Am I still allowed the total amount of the tax credit If I have tax credits totaling more than the taxes I owe?

If you claim a tax credit that exceeds the tax owed, you can receive a refund for the excess credit if is a refundable credit:A refundable tax credit allows taxpayers to lower their tax liability to zero and receive a refund for the portion of the credit remaining.A nonrefundable tax credit allows taxpayers to lower their tax liability to zero, but not below zero. Any excess credit remaining is lost.The attached link discusses some refundable and nonrefundable credits. Once you get to the IRS website, type the specific credit you are curious about in the Search box to find out if it refundable or eligible for carryover.


Is deffered tax liability your current liability?

yes


What does exempt status mean on the W4 form?

Exempt status may be claimed on a 2010 W-4 if two conditions exist:1. You did not have a tax liability in the prior year and therefore received a refund of everything that was withheld, and2. You expect to have not tax liability this year.Caution: Having no tax liability is not the same as owing no tax. If your tax withholding was $1,000 last year and your tax liability was $400 then you owed no additional tax. You received a $600 refund. But your tax liability was $400.


Is income tax a current liability or an expense?

Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.


A dollar-for-dollar subtraction from the tax liability?

Tax credits