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2. Understanding Pre- and Post-Tax Deductions on Your Paycheck - AOL

   www.aol.com/finance/understanding-pre-post-tax...

   In some cases, pre-tax deductions can even exempt you from local, state and federal taxes altogether. In other cases, pre-tax deductions only delay your tax obligations — 401(k) contributions ...

3. How do tax credits and deductions affect taxes? - AOL

   www.aol.com/finance/tax-credits-deductions...

   Tax credits and deductions both reduce your tax bill but in different ways. Tax credits reduce the amount of taxes you owe dollar for dollar, while tax deductions reduce the amount of income you ...

4. Alternative minimum tax - Wikipedia

   en.wikipedia.org/wiki/Alternative_minimum_tax

   Each year, high-income taxpayers must calculate and then pay the greater of an alternative minimum tax (AMT) or regular tax. [9] The alternative minimum taxable income (AMTI) is calculated by taking the taxpayer's regular income and adding on disallowed credits and deductions such as the bargain element from incentive stock options, state and local tax deduction, foreign tax credits, and ...

5. Itemized deduction - Wikipedia

   en.wikipedia.org/wiki/Itemized_deduction

   State and local taxes paid, but the entire sum of this category is capped at $10,000 starting in tax year 2018. [3] These include: Either state income tax or state and local general sales taxes paid during the tax year, but not both. Property taxes, including vehicle registration fee, if assessed by reference to the value of the property. This ...

6. Tax deduction - Wikipedia

   en.wikipedia.org/wiki/Tax_deduction

   A tax deduction or benefit is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and tax credits. The difference between deductions, exemptions, and credits is that deductions and exemptions both reduce taxable ...

7. Income tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Income_tax_in_the_United...

   Income tax is also levied by most U.S. states and many localities on individuals, corporations, estates, and trusts. These taxes are in addition to federal income tax and are deductible for federal tax purposes. State and local income tax rates vary from zero to 16% of taxable income. [64]