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Married filing jointly, $60,000 total income, no dependents

SHARE Married filing jointly, $60,000 total income, no dependents

Total income $60,000

Dependents under 17 0

Dependents 17 or older 0

New Standard deduction 9,100

Former Standard deduction 7,600

Personal exemption 5,800

Tax using former tax law Tax under new tax law

Taxable income: 46,600 Taxable income 45,100

Child tax credit 0 Child tax credit 0

Total taxes: 7,172 Total taxes 6,065

Tax cut under the new law $1,107

Marriage penalty relief 225

Rate change 882

Percentage tax cut 15.44%

Increase in family income 1.85%


© 2001 Deseret News Publishing Company

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