Total income $165,000
Dependents under 17 2
Dependents 17 or older 2
Itemized deductions 26,200
Personal exemption 17,400
Tax using former tax law Tax under new tax law
Taxable income: 121,400 Taxable income 121,400
Child tax credit 0 Child tax credit 0
Total taxes: 28,481 Total taxes 24,605
Tax cut under the new law $3,876
Percentage tax cut 13.61%
Increase in family income 2.35%
© 2001 Deseret News Publishing Company
Source: D. Brock Griffiths, tax specialist with Ernst & Young