One fundamental principle of the modern concept of civil society is tax liability. Tax_LiabilityThe_total_amount_of_tax_that_an_entity_is_legally_obligated_to_pay_to_an_authority_as_the_result_of_the_occurrence_of_a_taxable_event._Tax_liability_can_be_calculated_by_applying_the_appropriate_tax_rate_to_the_taxable_event's_tax_base._Taxable_events_include,_but_are_not_limited_to,_annual_income,_the_sale_of_an_asset,_a_fiscal_year-end_or_an_inheritance.
Investopedia_explains_Tax_Liability A_tax_liability_is_a_legal_claim_on_assets._Should_an_entity_default_on_paying_its_taxes,_the_governing_authority_may_foreclose_on_the_delinquent_account,_or_take_out_a_lien_or_encumbrance_on_an_asset.
The_money_one_owes_to_the_government_in_a_given_year._At_its_most_basic,_a_tax_liability_is_usually_a_certain_percentage_of_one's_income,_and_varies_according_to_income._That_is,_one_who_makes_$100,000_per_year_usually_has_a_higher_tax_liability_than_one_who_makes_$25,000._Different_events_command_different_tax_liabilities._For_example,_income_taxes_are_usually_higher_than_tax_capital_gains_taxes._Certain_taxable_events_do_not_occur_for_everyone_in_every_year;_for_example,_[1]_only_apply_when_someone_dies._See_also:_[2].
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