Once the Inventory and Value Assessment Are Complete, You Can

question 61

Short Answer

Once the inventory and value assessment are complete, you can prioritize each asset using a straightforward process known as ____________________ analysis.

---

Definitions:

Tax Liability

The sum of money owed to a tax agency based on earned income, investments, property, and other taxable entities.

Gross Income

The total income earned by an individual or a business before any deductions or taxes are applied.

Form 1040EZ

A simplified tax form for individual federal income tax returns filed with the IRS, designed for taxpayers with basic tax situations.

Tax Tables

Charts provided by the IRS that display tax rates and thresholds for different filing statuses and income levels to calculate tax liability.