Will You Pay the AMT? Despite recent tax-law changes, many Americans are expected to pay the AMT this year. Share | Related Content The Facts About Income Tax Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you. What Do Your Taxes Pay For? Here's a breakdown of how the federal government spends your tax money. Social Security Taxes Estimate how much of your Social Security benefit may be considered taxable.