0
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
What else can I help you with?
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.
Where is the total tax liability on your W-2 form?
The total tax liability is not explicitly listed on your W-2 form. Instead, the W-2 shows the amount of federal income tax withheld in Box 2, along with state and local taxes if applicable. To determine your total tax liability, you need to complete your tax return, where you calculate your total income and tax obligations based on your overall financial situation.
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.
How can I figure out the alternative minimum tax?
To figure out the alternative minimum tax, calculate your taxable income using the AMT rules and compare it to your regular tax liability. If the AMT amount is higher, you may owe the alternative minimum tax.
Which reduces your tax liability more, a deduction or a credit?
A tax credit reduces your tax liability more than a deduction.
Is deffered tax liability your current liability?
yes
