What (exactly) Is Tax Liability?

I talk a lot about "tax liability" on this channel for good reason. It is arguably the most important number on your tax return. This video introduces the two different types of tax liability, and how each one is calculated.

0:00 Introduction
0:22 Types of Tax Liability
1:02 "Income Tax" Liability
3:26 "Total Tax" Liability
6:24 Review and conclusion

Additional Information and Resources:

IRS Form 1040 Instructions: https://www.irs.gov/pub/irs-pdf/f1040gi This is where you can find all the tax tables, the Tax Computation Worksheet, and the Qualified Dividends and Capital Gains Worksheet.

IRSForm 1040, Schedule 2: "Additional Taxes": https://www.irs.gov/pub/irs-pdf/f1040s2

Investopedia: "Tax Liability: Definition, Calculation, and Examples": https://www.investopedia.com/terms/t/...

Image and footage credits:

Storyblocks.com

The images of "Tony," "Thomas," "Alva," and "Bill" were generated by thispersondoesnotexist.com (stability.ai) and any resemblance between these images and any person, living or dead, is coincidental and not intentional.
No other artificial intelligence was used to research, write, animate, voice, or edit this video

Intro Music: "Bluesy Vibes" - Doug Maxwell - YouTube Creator Music

Outro Music: "Modern Attempt" - Track Tribe under license from YouTube Creator Music

DISCLAIMER: This video is for educational and informational purposes only. It is not intended to render tax advice or financial advice for individual situations. If you have questions regarding your particular situation, please consult with a qualified tax or financial professional.