Marginal Tax Rates & Alternative Minimum Tax (AMT)

Marginal Tax Rates

Standard Deduction is the portion of the income not subject to tax that can be used to reduce your tax bill.

Taxpayers can choose between Standard Deduction and Itemized Deductions.

Alternative Minimum Tax (AMT)

Alternative Minimum Tax (AMT) is calculated using a different set of rules, to ensure that high-income taxpayers pay at least a minimum amount of income tax. Certain tax breaks are limited( such as deductions for the state)