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Filed under:

Married filing jointly, one income of $45,000, four children under 17, no charitable contribution

Total income $45,000

Dependents under 17 - 4

Dependents 17 or older - 0

Standard deduction 7,600

Personal exemption 17,400

Charitable contribution 0

Tax using current tax law Tax under Bush proposal

Charitable contribution $ 0

Taxable income $20,000 Taxable income 20,000

Child tax credit 2,000 Child tax credit 4,000

Total taxes 1,000 Total taxes 0

Tax cut under Bush proposal $1,000

Rate change $600

Increased child credit 400

Percentage tax cut 100

Increase in family income 2.22%


© 2001 Deseret News Publishing Company

Source: D. Brock Griffiths, tax specialist with Ernst & Young