assume the government collects $10,000 from you over the course of a year by deducting taxes from your paycheck. now assume you receive a $10,000 tax refund at the end of the year. what is your net tax liability (payment)?

Respuesta :

Your net tax liability would be zero.

What is net tax?
The amount obtained after applicable tax is subtracted from the gross income from investments or transactions is known as the "net tax" amount. The phrase "net tax" is most frequently used to describe how a business performs in terms of income, profits, as well as losses. The terms "net of tax" are used when the tax effect is taken into account when calculating the income, profit, as well as loss. If the impact of income taxes is not taken into account in the calculation, the income, profit, as well as loss is said to be "before tax." After-tax is another name for net tax.

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