tax liability (or total tax bill)

Definition of "tax liability (or total tax bill)"
  1. The sum of money an individual or company owes in taxes, typically paid through withholding, estimated tax payments, and payments made with tax forms filed with the government
How to use "tax liability (or total tax bill)" in a sentence
  1. His total tax liability for the year amounted to $15,000.
  2. Companies should always prepare for their tax liability to ensure they can pay on time.
  3. After calculating her income and expenses, she determined her tax liability.

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