- Total Tax
- The composite total of all taxes that is owed by a taxpayer for the year. This number is essentially the penultimate point in the tax formula. It accounts for all credits and deductions due the taxpayer but not any tax payments made during the year. Total tax is then compared with payments made to see whether a refund is due or there is a balance owed.
For 2007, the total tax amount is shown on line 63 of the Form 1040, line 37 of Form 1040A and line 10 of Form 1040EZ. Total Tax has three basic components: income tax, alternative minimum tax and self-employment tax. It does not include sales or estate tax.
Investment dictionary. Academic. 2012.
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