Question

t is now time for jay to complete his tax return. jay is 28 years old and is in a relationship with sandra, planning to get married next year. calculate jay's tax liability.

Answer 1

$2,860.50

Tax liability is the total amount of tax that people and companies owe to the federal, state, and local governments in a specific time frame. Tax liabilities are short-term obligations for firms that are listed on a balance sheet and paid off within a year.

What is accounting for tax liability?

The amount of taxes you owe is known as your tax liability. For those who are working, determining their income tax on Form 1040 normally only requires them to examine the year's tax tables.

On a company's balance statement, deferred long-term liability costs are listed with other long-term loans. They are listed on income statements as losses or expenses. Deferred tax obligations are one type of deferred long-term liability charge.

To learn more about accounting for tax liability refer to:

brainly.com/question/6646339

#SPJ4