Question

what is tax liability

Answer 1

heya avni,

tax liability: it is the quantity or amount of tax (or taxation) that a business organisation or individual incurs , probably based on current tax laws.

or ,in simple language:
--Tax liability is the amount of money you owe to tax authorities.
--Tax authorities include your local,
state,
and federal governments.

●●●●●●●●●●●●●●●●●●●●●●

hope it helps !!☺☺

Answer 2

Hi there !!

A tax liability is the amount of taxation that a business or an individual incurs based on current tax laws.

A tax able event triggers a tax liability calculation which is the tax base of the event multiplied by a tax rate.

Thank you :)