The regular income tax figured on taxable income may not be the net amount of taxes you owe for the year. There are additional taxes that may apply to you. For example, if you employ a household worker, such as a nanny, you may owe employment taxes for this worker (38.1–38.4). If you fail to have minimum essential health coverage for 2016 and are not exempt, there is a penalty tax (38.5–38.6).
Most additional taxes are listed in a special section of Form 1040 called “other taxes”; the alternative minimum tax is found in the “tax and credits” section of the return. Some of these other taxes are covered in this chapter; others are covered in other chapters as noted in Table 38-1.
Estimated taxes (27.1–27.5) are not a separate tax liability; they are merely a way in which to pay taxes where income tax withholding does not cover the expected tax bill for the year.
Table 38-1 Key to Other Taxes
|Alternative minimum tax||If you are able to reduce your regular tax bill through allowable deductions and other tax breaks, you may still owe tax through a shadow tax system called the alternative minimum tax (AMT). ...|