Question

fill in the blank question
the application of tax
and tax
is the final phase of tax liability computation,
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Explanation:

In tax liability computation, the final step involves applying the determined tax rates to the taxable income, then accounting for any eligible tax credits to arrive at the final tax amount. Rates set the base tax obligation, while credits directly reduce that obligation.

Answer:

The application of tax rates and tax credits is the final phase of tax liability computation.