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