Key Terms Instructions: Please Define the Following Key Terms

question 73

Short Answer

Key Terms Instructions: Please define the following key terms. Show Who? What? Where? When? Why Important?
proletariat

---

Definitions:

Tax Liability

The total amount of tax owed by an individual or business to federal, state, or local tax authorities.

Income Tax Formula

A mathematical equation used to calculate the amount of taxes owed to the government based on income earned, after accounting for deductions and exemptions.

Tax Liability

The total amount of tax owed to the Internal Revenue Service (IRS) or other tax authorities after applying deductions and credits.

Taxable Income

The amount of income used to calculate how much tax an individual or a corporation owes to the government.