CNBC Explains: Taxes
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The alternative minimum tax, or AMT as it's known, has trapped more and more American taxpayers over the years to become one of the most dreaded phrases in tax terminology. CNBC explains.
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For anyone who has computed taxes, “tax brackets” are a familiar term -- but how they work can be complicated. Salman Khan of the Khan Academy breaks down and explains the U.S. income tax schedule.
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Tax deductions are an important part of calculating your annual income. But many people are unclear about how deductions affect overall tax payments. Salman Khan of the Khan Academy explains a simple calculation you can do, depending on your tax bracket, to help you estimate the effect.
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The Alternative Minimum Tax, also known as the AMT, is a portion of the U.S. tax code that affects high-earning individuals who lower their tax payments through deductions. Want to know how it’s calculated? Salman Khan of the Khan Academy demonstrates.