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Tax Liability

A truck driver's tax liability is simply the amount of tax they actually owe after a tax return is prepared.  It is a dollar amount.  If your federal taxes for the year came to $10,000, that is the same as saying you had a $10,000 tax liablity.

If estimated payments during the course of a tax year were in excess of the tax liability, then the tax payer will receive a tax refund.  If the estimated payments were less than the tax liability, the tax payer will owe tax to the IRS and may also incur a penalty.

The amount of a taxpayer's tax liability is dependant on:

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