alice is an employee of valley company. alice properly completed her form 1040 tax return and received a refund from the irs of $1,244. alice had income tax withholdings during the year of $4,782. alice's tax liability for the year was $3538.
Tax liability of alice is calculated as:
Total liability- refund initiated
= 4782-1244
= $3538
Tax liability is the total amount of tax which is owed in a given period by the individuals and the organizations to federal or state as well as local governments. For businesses the tax liabilities are short-term liabilities which are recorded on a balance sheet and paid within a year.
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