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Tax liability is the total amount of tax debt a business entity or an individual owes to a local, state or federal taxing authority. If the tax withholdings or payments made on your behalf are ...
A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. It is an example of the concept of fixed tax. One of the earliest taxes mentioned in the Bible of a half-shekel per annum from each adult Jew (Ex. 30:11–16) was a form of the poll tax. Poll taxes are administratively cheap because ...
Deferred tax is a notional asset or liability to reflect corporate income taxation on a basis that is the same or more similar to recognition of profits than the taxation treatment. Deferred tax liabilities can arise as a result of corporate taxation treatment of capital expenditure being more rapid than the accounting depreciation treatment.
The word tax assessment is used in different ways, but often refers to a tax liability owed by a taxpayer. In the case of property, a tax assessment is an evaluation or an estimate of value that is typically performed by a tax assessor. The assessment leads to an "assessed value," which is a base number used in the calculation of the property tax.
Tax policy refers to the ... of taxation based on the principle that the higher the income of an individual is the higher is the personal income tax liability ...
Liability for all payments ends when either spouse passes away. When it comes to alimony tax implications, it’s also worth knowing about the IRS’s recapture rule. You may be subject to this ...