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