Examples of Net income tax liability in a sentence
Eligible individuals14 were allowed a basic component equal to the greater of:• Net income tax liability, not to exceed $600 ($1,200 in the case of a joint return), or• $300 ($600 in the case of a joint return) if the eligible individual had (1) qualifying income of at least $3,000 or (2) a net income tax liability of at least $1 and gross income greater than the sum of the applicable basic standard deduction amount and one personal exemption (two personal exemptions for a joint return).
Net income tax liability as determined for these purposes is not reduced by the credit added by this provision or any credit which is refundable under present law.
Net income tax liability was defined as the excess of the sum of the individual’s regular tax liability and alternative minimum tax over the sum of all nonrefundable credits (other than the child tax credit).
However, if there is deferred tax liability then it is added to income tax liability for determining final tax liability.Table 4.2.2 Net income tax liability considering deferred tax of Nepal Telecom(Rs in million) Source: Annual Report of Nepal Telecom, F/Y 2007/08 to 2016/17The table and figure shows trend of income tax liability and deferred tax asset in past ten F/Y from F/Y 2007/08 to 2016/17.
Net income tax liability of at least$1 and gross income greater than the sum of the applicable basic standard deduction amount and personal exemption(s) ($8,950 for singles, $17,900 for joint filers).