Which of the following is an example of a liability?

A liability is defined as an obligation that a company owes to outside parties, typically involving a future sacrifice of economic benefits. Income taxes represent amounts owed to the government based on the income a company has earned. This obligation signifies that the company must pay this amount at a future date, which is a clear characteristic of a liability.

In contrast, accounts receivable refers to money owed to a company by its customers and represents an asset rather than a liability. Net income is the profit of a company after all expenses have been deducted from revenues, indicating financial performance rather than obligations. Fixed assets are long-term tangible assets that a company uses in its operations and are classified as assets on the balance sheet instead of liabilities. Thus, the correct identification of income tax as a liability highlights the nature of financial obligations on a company's balance sheet.