![]() If you qualify for any tax credits, such as the Earned Income Tax Credit or a Homebuyer's Tax Credit, you will deduct these credits from your total tax owed after calculating your marginal tax rates. When calculating your income tax, it's important to remember that the federal tax brackets apply to your gross adjusted income, after accounting for any tax deductions such as dependant exemptions, business expenses, and any other before-tax deductions. Some individuals may have to follow a special tax structure not listed here, such as the Alternative Minimum Tax (AMT) for certain high-income taxpayers. Only used in rare situations, as you will usually wind up paying more income tax than if you filed jointly.
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