The amount of tax that must be paid. Taxpayers meet (or pay) their federal income tax liability through withholding, estimated tax payments, and payments made with the tax forms they file with the government.

The amount of tax that must be paid based on your taxable income. You meet (or pay) your federal income tax liability through withholding, estimated tax payments, and payments made with the tax forms you file with the Internal Revenue Service.

The amount of total tax due the IRS after any credits and before taking into account any advance payments (withholding, estimated payments, etc.) made by the taxpayer.

A debt to be paid in taxes. A capital gains tax liability is created every time you sell a security or mutual fund that has increased in price. Sometimes mutual funds distribute capital gains that the manager of the fund has realized from selling securities. This, too, creates a tax liability, even though you may still own the fund. Funds with high turnover ratios tend to distribute the most capital gains.

The total amount of tax owed by an individual.

The total amount of tax that a person owes to the IRS after credits and payments are made by the taxpayer.