Historical chart of the U.S. federal funds rate.Reblog this post [with Zemanta]

Alternative Minimum Tax (AMT)

Image via Wikipedia The Alternative Minimum Tax parallels the regular income tax: taxpayers whose AMT liability exceeds their regular tax liability pay the difference as AMT. The AMT replaces personal exemptions and some deductions (most notably, the standard deduction and the deduction of state and local taxes) with an AMT exemption and applies two tax rates-26% on the first $175,000 and 28%...

December 4th, 2008 by The Tax Man 
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