By Pat Southern. Last updated 2011-03-29. Of the many men who led Rome, only a handful can truly be said to have profoundly and fundamentally shaped the empire's structure and direction. This gallery introduces six of the most important Roman emperors.
Tax Liability. 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.
The extra goes on the balance sheet as a deferred tax liability. Liabilities are future financial obligations -- in this case, the obligation to pay taxes. In the future, there will come a point when the taxes you owe the government will be larger than what your financial statements say you should owe. At that point, you use up the deferred tax liability to square up your books.