WordNet
tax liability
n. the amount of tax owed; calculated by applying the tax rate to the tax base
Usage examples of "tax liability".
Rich, a wealthy businessman, had left the United States for Switzerland shortly before he was indicted on tax and other charges for allegedly falsely reporting the price of certain oil transactions to minimize his tax liability.
Indeed, be hadn't brought his tax liability down as far as he could have.
Our debt at the bank currently stands at seven hundred and seventy-one pounds, which includes our tax liability for the year, but the value of the seven shops remains in the books at one thousand two hundred and ninety pounds, which is the exact price we paid for them.