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$67,400 income, five dependents under 17

SHARE $67,400 income, five dependents under 17

Total income $67,400

Dependents under 17 5

New Standard deduction 9,100

Former Standard deduction 7,600

Personal exemption 20,300

Tax using former tax law Tax under new tax law

Taxable income: 39,500 Taxable income 38,000

Child tax credit 2,500 Child tax credit 5,000

Total taxes: 3,425 Total taxes 0

Tax cut under the new law $3,425

Percentage tax cut 100.00%

Increase in family income 5.08%


© 2001 Deseret News Publishing Company

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