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Standard Deduction
A fixed dollar amount that reduces the income that is subject to tax and varies according to the taxpayer's filing status.
Taxable Income
The portion of income used to calculate how much tax an individual or a company owes to the government in a given tax year.
AMTI
Alternative Minimum Taxable Income; an income calculation used to ensure that high-income earners pay a minimum amount of tax.
Exemption Amount
The portion of an individual's income that is not subject to tax, as determined by tax laws.
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