Term: Alternative Minimum Tax (AMT)
Definition:This is an IRS mechanism created to ensure that corporations, trusts, high-income individuals, and estates all pay at least some minimum amount of tax, regardless of deductions, exemptions or credits. The AMT is triggered when there are large numbers of personal exemptions on state and local taxes paid, by Incentive Stock Option (ISO) plans, or large numbers of miscellaneous itemized deductions or medical expenses.
To find keyword content within a course, select the course link below.
Course | Page Number |
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20 - The Basics of Equity Compensation | 12 |
42 - Accumulated Earnings and Deferred Compensation | 10 |
ERI Economic Research Institute is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CP® or SHRM-SCP®