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Married filing jointly, two incomes, $60,000 total, no dependents, no charitable contribution

SHARE Married filing jointly, two incomes, $60,000 total, no dependents, no charitable contribution

Total Income 60,000

Dependents under 17 0

Dependents 17 or over 0

Earnings of Lesser Earner 30,000

Standard Deduction 7,600

Personal Exemption 5,800

State Personal Exemption 4,350

Charitable Contribution 0

Tax Using Current Tax Law Tax Under Bush Proposal

Dual Earner 3,000

Taxable Income: 46,600 Taxable Income 43,600

Child Tax Credit 0 Child Tax Credit 0

Total Federal Income Taxes: 7,172 Total Federal Income Taxes: 5,940

50% of Federal Tax 3,586 50% of Federal Tax 2,970

State Taxable Income 44,464 State Taxable Income 42,080

State Income Tax Due 2,871 State Income Tax Due 2,704

State Tax

w/o Bush or Utah Cuts 2,903

w/Utah Cut only 2,871

w/Bush and Utah Cuts 2,704

Federal Tax

w/o Bush 7,172

w/Bush and Utah Cuts 5,940

Net Income Tax

w/o Bush or Utah Cuts 10,075

w/Utah Cut only 10,043

w/Bush and Utah Cuts 8,644


© 2001 Deseret News Publishing Company

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