Tax payable

Tax payable,

Definition of Tax payable:

  1. As determined by the Internal Revenue Code, the eligibility of an expense incurred by a taxpayer to be deducted from the adjusted gross income (AGI) thereby reducing the amount of income subject to taxes. For example, mortgage interest paid on a residential home is an eligible expense that can be deducted from AGI.

Meaning of Tax payable & Tax payable Definition