Taxation Concepts

noun the state of being responsible for something, especially by law

adjective pertaining to legal responsibility or obligation

• The company must disclose all potential liability in its financial statements.
• If you break that vase, you'll be liable for it.
• Don't be a liability at the party and drink responsibly.
• His lack of punctuality is a liability in this fast-paced industry.

adjective able to be rated or assessed; capable of being evaluated or compared

• The property tax is calculated based on the ratable value of the house.
• The insurance premium is determined by the ratable factors of the car.
• I heard that the rent is pretty high in that area because it's ratable.
• Her performance at work is definitely ratable, she always gives her best effort.