It's known as your tax liability. Your tax liability is the amount you owe to the IRS or your local government. If you add up ...

A federal tax liability is an amount that’s owed to the government in taxes. It can include income taxes on earnings and capital gains taxes on assets. Both are based on brackets, a percentage ...

In other words, it is the highest tax rate you pay. The marginal tax rate differs from the average or effective tax rate, which is your total tax liability divided by taxable income. For example ...

You can use Form 8615 to calculate your child’s tax liability on unearned income of ... you must “sign the child's name followed by the word by, then your signature, and your relationship ...

a credit that is refundable can bring a person's tax liability down to ZERO (BTW, our second favorite four-letter word) and then generate a refund. A non-refundable credit eliminates the tax ...

Tax credits, on the other hand, directly reduce your tax liability after it has been calculated. Here's a closer look at both and how to use them to keep more earnings. Filing federal taxes starts ...

Taxpayers whose CTC exceeds their tax liability may receive the difference ... because we are limited by our publisher to about 1,000 words a week or we get our hand slapped, which can be painful ...

Since withdrawing funds from retirement accounts counts as income in the year withdrawn, he faces a six-figure tax liability with reduced funds to pay it. Recent changes to the tax code make it ...

this type of credit is a benefit offered by the government to help reduce your tax liability. But this doesn't mean it's the same as a deduction. Here's a guide to tax credits, what they are and ...