A person with a total tax liability of $4,350 and withholding of federal taxes of $3,975 would <u>owe $375</u>.
Legal responsibility is something a person or agency owes, commonly a sum of money. Liabilities are settled through the years thru the switch of economic benefits along with cash, items, or offerings.
Liability is described because the kingdom of being answerable for something or something that someone is liable for. An instance of legal responsibility is someone having to pay again scholar loans. An instance of liability is payment for an automobile twist of fate.
Belongings are the gadgets your business enterprise owns which can provide future monetary benefit. Liabilities are what you owe other parties. In quick, assets positioned to cash in your pocket, and liabilities take cash out!
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