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Married filing jointly, $500,000 total income, two dependents under 17, two dependents 17 or over, itemized deductions

SHARE Married filing jointly, $500,000 total income, two dependents under 17, two dependents 17 or over, itemized deductions

Total income $500,000

Dependents under 17 2

Dependents 17 or older 2

Itemized deductions 70,000

Former Personal exemption 0

New Personal exemption 11,600

Tax using former tax law Tax under new tax law

Taxable income: 430,000 Taxable income 418,400

Child tax credit 0 Child tax credit 0

Total taxes: 142,097 Total taxes 122,781

Tax cut under the new law $19,316

Percentage tax cut 13.59%

Increase in family income 3.86%


© 2001 Deseret News Publishing Company

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