The high peak-to-average power ratio (PAPR) remains a major drawback of multicarrier modulations. Hence, the nonlinear characteristics of power amplifiers (PA) results in strong distortion and low power efficiency when multicarrier modulations are used. In this paper, the impact of the nonlinearities on the amplified multicarrier signal is analyzed, considering both PAPR limitation using clipping and PA linearization. Therefore, we derive the expression of the error vector magnitude (EVM) of the amplified signal with and without the use of polynomial predistortion and/or clipping techniques. We provide analytical EVM expressions that depend on the PA and predistortion characteristics, as well as the PAPR and the average power of both input and clipped signals. These expressions are general formulas which allow to measure in-band distortion at the PA output. The simulation results show that the proposed expressions present perfect accuracy. Moreover, the trade-off between the PA linearity and efficiency is investigated considering the performance of the clipping and predistortion techniques. An analytical expression which gives the optimal input back-off (IBO) maximizing the PA efficiency with respect to any EVM constraint is provided. Finally, the predistortion complexity is discussed aiming at reducing it with respect to an EVM constraint.