(in addition to regular tax liability) Alternative Minimum Tax that tax unit owes in addition to its regular tax liability. Used to determine whether taxpayer owes AMT.
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Regular taxable income plus AMT adjustments minus applicable AMT exemption.ĪMT liability obtained by applying AMT tax rates to AMT taxable income. Tax owed to the government or, if negative, the payment from the government before AMT (if applicable).Īdditions to regular taxable income of deductions, exemptions, and exclusions not allowed under the AMT.įixed dollar amount exempt from AMT in addition to specific "non-preference" items exempt from the tax. Sum of Earned Income Tax Credit and refundable portions of Child Tax Credit and American Opportunity Tax Credit. Sum of Child and Dependent Care Credit, Lifetime Learning Credit, and non-refundable portions of Child Tax Credit and American Opportunity Tax Credit. (not refundable) Non-refundable tax credit subsidizing child and dependent care costs for taxpayers who work (or,for some couples, attend school). Total education tax credits (partially-refundable American Opportunity credit and non-refundable Lifetime Learning Credit). Refundable tax credit based on taxpayer's earnings and number of children credit phases out for higher-income households. Partially refundable tax credit per dependent child. Income tax liability before subtracting allowed tax credits. Total expenses that taxpayers can itemize (net of limitations), including state and local taxes, mortgage interest, charitable contributions, and other items. Roof Span Table 16-17 Roof Span Notes and Cut Length Calculation 17 Roof Framing 18 Roof Details 19-20 Roof Load Tables 21. Income tax liability measured as a percentage of total cash income (not taxable income).Ī fixed-dollar reduction in taxable income for each taxpayer and each qualifying dependent.Ī fixed-dollar reduction in taxable income for each tax return, for taxpayers who elect not to itemize specific deductions. (includes income and payroll taxes) Total tax liability equals the household's income tax liability plus its payroll tax liability. (includes income and payroll taxes) Additional tax imposed by the Affordable Care Act on high-income taxpayers' earnings above specified thresholds. Includes both employer and employee shares. (includes both employee and employer shares) Taxes imposed from wage, salary, and other equivalent income that finance Social Security and Medicare. (included in Income Tax Liability) Additional tax imposed by the Affordable Care Act on high-income taxpayers' investment income above specified thresholds. Total income subject to tax after adjustment for exclusions and additions.Īdjusted gross income minus personal exemptions and the standard or itemized deductions allowed under the regular income tax.Īmount of income tax owed, net of any allowed credits. (includes employer’s share of payroll tax) Income from all sources plus the employer's share of the payroll taxes that fund Social Security and Medicare.
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