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Sagot :
Federal Tax = $4,617.50 + (22%*(64800-40125))= $10046
Tax liability is calculated on the taxable income of $64800 using tax rate schedule 2020 for single taxpayer. Interest from an investment in city of Birmingham bonds are not taxable.
Your financial obligation to local, state, and federal governments as well as other taxing bodies is known as your tax liability (e.g., the IRS). You owe your creditor money when you owe taxes. This is a binding debt. Tax obligations can exist for both people and corporations.
The government utilizes tax revenue to pay for administrative and social activities. Retirement and disability benefits, for instance, are paid for by Social Security taxes.
Tax obligations are current obligations. Debts with a one-year payment period are considered current liabilities. In most cases, short-term liabilities result from regular company activities. On your small business balance statement, include tax liabilities alongside other current debts.
Learn more about Tax liability, here
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