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Assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.
What is total tax liability?
- The total amount of tax debt owing by an individual, corporation, or other entity to a taxation authority such as the Internal Revenue Service is referred to as tax liability (IRS).
- Tax responsibilities include income taxes, sales taxes, and capital gains taxes.
- Your gross tax liability is equal to your taxable income minus your tax deductions.
- Your total income tax burden equals your gross tax liability less any tax credits you are qualified for.
- The key to lowering your tax liability is to reduce the percentage of your gross income that is subject to taxation.
- Consider raising your retirement savings.
- Investing pre-tax cash in an employer-sponsored retirement plan, such as a 401(k), is a simple way to lower your taxable income for the year.
Therefore, assuming that Greg is single, 25 years old, and will have a total tax liability of $1,355 (and thus will receive a $145 refund), he: is required to file a tax return.
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