BrainKing - Discussion boards (Politics)

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Politics

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8. August 2011, 22:13:11

Mort

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A positive income liability.. would you explain that to me Dan.

"A positive income tax liability is the amount of income tax that a
taxpayer owes to the federal government after subtracting all of their
deductions (e.g., standard deduction/itemized deductions and
deduction for personal exemptions) from their income and taking into
account non-refundable tax credits (other than the child tax credit).
For example, if a married couple filing jointly with two children
receives $26,000 of income and takes the standard deduction of
$10,900 as well as the deduction for personal exemptions of $13,600,
their taxable income would be $1,500. Based on this taxable income,
their positive income tax liability would be $150."

Is this right?