What is federal income tax liability?

Answer The United States government collects taxes in order to fund Social Security, defense, and other programs and operations which the government views as vital. The amount of tax for which each perso... Read More »

Top Q&A For: What is federal income tax liability

What is my federal income tax liability?

Federal income tax liability is tax liability based upon various components. These include one's withheld income taxes, capital gains income, self employment income or tax payments or refunds. The ... Read More »

If future income tax liability is deferred income tax?

If that is what the amount is that you may owe and that is what you want to call it YES it would be your deferred income tax amount.

What income bracket pays federal income taxes?

All income brackets have people who have federal tax obligations, however, the amount of people who owe any taxes drops precipitously as income levels falls. According to the Tax Policy Center, onl... Read More »

What is the minimum amount of income needed to pay federal income tax?

The minimum amount of money needed to pay income taxes depends on filing status. As of 2009, those who are single need to make more than $9,350 in order to pay. If filing as a head of household, th... Read More »