Examlex
Humor has great value as a coping skill.
Tax Liability
The total amount of tax owed to a taxing authority based on the taxable income of an individual or corporation.
Taxable Income
The amount of income used to calculate an individual's or a company's income tax due, determined by subtracting deductions and exemptions from total income.
Tax Liability
The total amount of taxes owed by an individual, corporation, or other entity to taxing authorities, such as the federal or state government, based on income, property value, or other taxable assets.
Tax Withheld
Funds that an employer deducts from an employee's wages for tax purposes, to be paid directly to the government.
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