What is the difference between tax liability and a final tax bill?
Final tax bill equals tax liability, minus any payments already made, or/and credit applied..
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What is a final tax bill?
Amount, owed to the government after all payments, and/or credits were applied to tax liability.
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15
Give example of liability.
mortgage, loan, account payable
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15
What is the difference between earned income and investment income?
Earned income is something you work for. Investment income comes from sales of securities (stocks, bonds).
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At 2020, Mary worked at a bank. Her tax liability is $1500. Her employer withheld from her paycheck $1000 of Federal tax liability. What her final tax bill?
She still owes to the Federal government $500.
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15
What's the difference between refundable and non-refundable credit?
Non-refundable reduces your tax bill, but doesn't result in refund (check). Refundable results in refund, even if you don't owe any money.
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What is a tax liability?
Amount of tax, an American tax payer pays to the American government.
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15
Give an example of assets.
cash, equipment, furniture, tools, buildings
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15
What does EIC stand for?
Earned Income Credit
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What is the difference between child tax credit, and an additional child tax credit?
Child tax credit: is non-refundable, reduces your liability, but not below 0. Additional: is refundable, and can result in a refund check.
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What is a liability?
An obligation, something that you owe to somebody, and have to pay.
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15
Mary has no tax liability for 2020. But she earned EIC of $500. What will happen with that credit?
Full amount of $500 EIC will be refunded to her by the IRS.
