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Married filing jointly, $45,000 total income, no dependents

SHARE Married filing jointly, $45,000 total income, no dependents

Total income $45,000

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: 31,600 Taxable income 30,100

Child tax credit 0 Child tax credit 0

Total taxes: 4,740 Total taxes 3,815

Tax cut under the new law $925

Marriage penalty relief 225

Rate change 700

Percentage tax cut 19.51%

Increase in family income 2.06%


© 2001 Deseret News Publishing Company

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