Tax liability
Definition: [crh] The amount in taxes a taxpayer to the government.
deferred income tax liability
account showing estimated amount of future taxes on income earned and recognized for accounting purposes but not yet for federal income tax purposes. Thus, book income will exceed taxable income.
Employers in Credit Reduction States Must Adjust Their Unemployment Tax Liability on Their 2011 Form 940 ...
Tax liability
The amount in taxes a taxpayer to the government.
Tax lien
The right of the government to enforce a claim against the property of a person owing taxes.
Tax Liability
The total amount of tax owed by an individual.
Tax Lien
A claim or obstacle that prevents the sale of a property due to unpaid taxes. The property title cannot be transferred until all liens are cleared.
Tax Liability
The total amount of tax that an entity is legally obligated to pay to an authority as the result of the occurrence of a taxable event. Tax liability can be calculated by applying the appropriate tax rate to the taxable event's tax base.
Amount of tax LIABILITY a taxpayer may expect to pay for the current tax period. Usually paid through quarterly installments.
Deferred Tax Liability
Future tax obligation that results from the origination of a temporary
difference that causes pretax book income to exceed taxable income.
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Deferred Tax Liability: An estimated amount of future income taxes that may become payable from income already earned but not yet recognized for tax reporting purposes.
Future income tax liability
A future income tax liability occurs when the carrying values of assets and liabilities exceed the tax values thereby resulting in a credit balance in the temporary differences account.
A reduction in tax liability that reduces the amount of income tax owing by offsetting other income tax liabilities.
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A reduction in tax liability typically offered by a government to encourage a certain activity.
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Another type of tax liability comes from distributions by the fund to the shareholder in the form of dividends, interest and capital gains.
Direct tax - Tax liability targeted at one person on the basis of income.
Direct write-off method - A method of recognition of uncollectible accounts only when known to be such.
Tax-deferral: When tax liability is delayed until some time in the future.
Taxable-equivalent yield: The calculation of yield on a federal-tax-free investment so that it can be compared to a taxable investment.
Postponing income Purposely delaying receipt of income to a later year in order to reduce current tax liability. Post-trade benchmarks Prices after the decision to trade.
tax credit This is a dollar-for-dollar reduction of an individual's tax liability, rather... tax deduction An expense that is subtracted from adjusted gross income when calculating taxable...
CARRYOVER -- A process by which the deductions or credits of one taxable year that cannot be used to reduce tax liability in that year are applied against a tax liability in subsequent years (carryforward) or previous years (carryback).
Provision for income taxes An amount on the P & I statement that estimates a company's total income tax liability for the year.
tax-free exchange A method of exchanging annuity or life insurance contracts without incurring a current income tax liability by making a Section 1035 (Internal Revenue Code) exchange.
An allowable expense subtracted from gross income to reduce income tax liability. An exemption can be classified as either personal or depe...(Read more)
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Compute your regular tax liability. Before you can determine the amount of your credits, you need to know what your income is for the year, subtract all your allowable deductions, ...
The additional child tax credit is available for individuals whose child tax credit is greater than their federal income tax liability.
It should be noted that if the cash back is large then this could result in a capital gains tax liability for the borrower.Charge or Legal Charge - When an individual takes out a mortgage the bank take a charge or a legal charge over the property.
The PRICES assumed, for the purposes of calculating tax liability, to have been charged by one unit of a multinational company when selling to another (foreign) unit of the same firm.
First, you get to put the money away before taxes, so you lower your tax liability. But better than that, a lot of companies match employee 401(k) contributions, which means you get to literally double your money (up to a preset limit).
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If a shareholder wishes to minimize his tax liability when selling shares, he must identify which shares were bought at what price in order to determine his cost basis.
Also, the new buyer will not have a tax liability for that dividend as does the buyer who bought on or before the record date (the official date declared by the board of directors to determine who is eligible for the dividend).
In many young economies a standard set of accounting codes is used, as accounts are prepared for statutory purposes into order to calculate the tax liability.
A direct rollover from a 401k to an IRA is made tax-free and there is no tax liability. There is no limitation on the dollar amount you can rollover from your previous employer's retirement plan.
There are numerous deductible items you can take on your tax return to reduce your tax liability. These deductible items are usually filed on schedule A form 1040.
ADJUSTED GROSS INCOME (AGI): Interim calculation in the computation of income tax liability.
The entry goes into a tax liability account (an account for tracking tax payments that have been made or must still be made).
Adjusted gross income, or AGI, determines the federal tax liability of an individual or married couple filing jointly. Income includes salaries, wages, and other earned amounts, plus investment income and business profits.
Definition: A tax intended to prevent higher-income taxpayers from excessively reducing their tax liability (the amount they owe) through the use of preferences in the tax code.
Tax Credit: A tax deduction reduces tax liability by the percentage of the marginal tax bracket for the taxpayer, while a tax credit reduces the taxable amount due dollar-for-dollar.
A tax credit that is not limited by the amount of an individual's tax liability. Typically a tax credit only reduces an individual's tax liability to zero. Refundable credits go beyond this and so really can be considered the same as a payment.
Further, the ultimate tax liability should be certain. A tax whose amount is easily manipulated through decisions in the private marketplace (by investing in 'tax shelters,' for example) can cause tremendous complexity for taxpayers, ...
Applicable Exclusion Amount - A federal tax credit that offsets gift and estate tax liability. A credit of $220,550 in 2000-2001 offsets gift and/or estate taxes on cumulative transfers of $675,000.
As the starting point in calculating income tax liability, gross income includes all potentially taxable income received from any source, such as wages, salary, dividends, interest, profit from self-employment, ...
There is a large and growing deferred income tax liability which will likely not be paid for many years.
As the tax value, or tax base, is lower than the accounting value, or book value, in years 1 and 2, the company should recognise a deferred tax liability.
A tax principle for the determination of timing of tax liability, where there is a deferred payment. The law states that tax is to be imposed at the time when an individual reaches out to take the benefit.
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An employee's transfer of retirement funds from one retirement plan to another plan of the same type or to an IRA without incurring a tax liability. The transfer must be made within 60 days of receiving a cash distribution.
If shareholders are non-tax payers (e.g. pension funds) a special dividend (which immediately creates an income tax liability) is more likely. If shareholders are largely small shareholders a buy back may be preferable.
Unified tax credit
A federal tax credit that reduces tax liability, dollar for dollar, on lifetime gifts and asset transfers at death.
Uniform Commercial Code (UCC)
Collection of laws dealing with commercial business.
tax return: an official form on which a company or individual enters details of income and expenses, used to assess tax liability.
tax shelter: a financial arrangement designed to reduce tax liability.
A federal tax credit that reduces tax liability, dollar for dollar, on lifetime gifts and asset transfers at death.
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Tax Deferred - Refers to a situation or an investment whereby the tax liability is delayed until a later date. Retirement plans such as 401K and IRAs are examples of this feature.
A method of calculating Income Tax liability on a chargeable gain from certain packaged products.
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Accounts or investments that generally are free from tax liability.
Tax-free
Accounts or investments that have no tax consequences.
Used in the context of taxes, the withholding by an employer of a certain amount of an employee's income in order to cover the employee's tax liability.
Capital employed
Total assets less non-interest bearing liabilities including deferred tax liability.
Capital turnover rate
Net sales divided by average capital employed shares.
S corps are not treated the same in every state. In some states, an S corp is treated like any other corporation as far as tax liability goes. For this reason, it is important to seek professional advice before committing to setting up an S corp.
An accounting technique that applies the current year's net operating losses to future years' profits in order to reduce tax liability.
After-tax provision. An estimate of a current year tax liability, used to compare profitability between companies.
TAX CREDIT " A direct dollar for dollar offset of tax liability (vs. a deduction which offsets taxable income). See: Deduction.
A company may also cook the books to reduce its tax liability, but then it stirs in the opposite direction by underreporting profits and overstating losses.
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partnership (U.S., UK, Japan) - A form of business organization combining elements of partnerships and corporations, in which both managing and non-managing partners are protected from liability to some degree, and have a different tax liability ...
Average Tax Rate The rate calculated by dividing the total tax liability by the entity's taxable income.
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