Examlex
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Tax Liability
The total amount of tax owed to a taxing authority by an individual, organization, or corporation.
Taxable Income
The portion of income used to calculate how much the taxpayer owes in taxes, including wages, salaries, bonuses, and other earnings after deductions and exemptions.
Rounded
Refers to adjusting numbers to the nearest whole number in financial and mathematical calculations.
Withholding Amount
The portion of an employee's wages deducted by the employer and paid directly to the government as partial payment of income tax.
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