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The AMT calculation determines if a taxpayer must pay additional tax to compensate for excessive deductions. It uses a fixed deduction and taxable fees, and if the resulting figure is higher than the standard tax obligation, the taxpayer must pay the higher amount. The AMT affects more people over time as its limits do not increase with inflation.
An AMT calculation is performed to determine eligibility for the alternative minimum tax. This is a special tax designed to compensate for situations in which a taxpayer can claim so many deductions that reduce his tax obligation in which he considers himself an excessive fee. The basic principle is that any person with an income greater than a certain cantidad must pay less than a certain cantidad of taxes. The AMT calculation determines if an additional payment is required to ensure this happens.
If the calculation of the separate tax invoices for the taxpayer forms the basis of an AMT calculation. The first is the standard tax obligation, based on the usual practices. The second is the AMT, which uses a single fixed deduction and one or two taxable fees. The AMT calculation does not include the different deductions and exemptions that can normally be claimed, or applies the usual range of tax transfers. If the AMT calculation produces a higher figure than the standard calculation, the AMT figure takes priority as the taxpayer’s responsibility.
The first step of the AMT calculation is to apply the AMT deduction to the taxpayer’s inputs. For the 2010 fiscal year, for example, the AMT deduction for individuals was $72,450 for a single family member who presents a joint declaration or a certified document; $47,450 for one individual; and $36,225 for a single individual filing a separate declaration. This exemption reduces if the taxpayer pays more than a certain fee, it is decided, $150,000 per pair; $112,500 for a single individual; and $75,000 for a married individual who files a separate declaration. For each dollar raised by this amount, the AMT deduction is reduced to 25%. Unlike the deduction in yes, these limits do not increase by inflation each year, which means that the AMT affects more and more people over time.
Once the deduction has been calculated, the next step is to calculate the AMT figure. This is 26% of the first $175,000 of the entrance fee after the deduction, up to 28% of any additional entrance fee. The $175,000 limit is reduced to $87,500 for a married individual who files a separate declaration.
The amount of the resulting AMT is compared with the standard tax obligation for the individual, and the person must pay the highest amount. If the AMT figure is higher, the tax payer does not technically pay on standard tax invoices. Without embargo, in such circumstances, the excess of the AMT figure above the standard figure is included in the tax declaration as a separate tax obligation. This means that the total fee that the person pays is equal to the figure produced by the AMT calculation.
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