SINGLE FILER
MARRIED FILING JOINTLY
$45,000 total income, no dependents
$45,000 total income, two dependents under 17, two dependents 17 or over
$45,000 total income, four dependents under 17
$60,000 total income, no dependents
$60,000 total income, one dependent under 17, one dependent 17 or older
One $85,000 income, four dependents under 17, itemized deductions
$165,000 total income, two dependents under 17, two dependents 17 or over, itemized deductions
One $175,000 income, four dependents under 17, itemized deductions
$500,000 total income, no dependents, itemized deductions
$500,000 total income, two dependents under 17, two dependents 17 or over, itemized deductions
One $500,000 income, four dependents under 17, itemized deductions
Families who pay no federal income tax under the fully phased-in new tax laws
$14,900 income, no dependents under 17
$27,800 income, one dependent under 17
$38,700 income, two dependents under 17
$48,266 income, three dependents under 17
$57,833 income, four dependents under 17
$67,400 income, five dependents under 17
Income (less deductions) = Taxable income
Calculate tax based on Taxable income (less tax credits) = total tax due
Standard deductions, 2001
Single, new and former tax laws — 4,550
Married filing jointly, new tax laws — 9,100
Married filing jointly, former tax laws — 7,600
Personal exemption, 2001 — 2,900 per person
*Assumptions used in the scenarios:
Numbers used for the new tax laws assume 100% phase-in. (The actual phase-in is over 10 years)
The standard deductions are assuming 2001 figures, but are subject to inflation. The married filing jointly - new standard deduction is 2 times the single amount. The new standard amount actually phases in between 2005 and 2009
The standard deduction is used in the calculation unless noted in the heading.
Percentage tax cut equals tax cut divided by family income.
Former tax code calculations rely on the 2001 rate schedule in effect prior to the new bill.
Percentage increase in family income equals tax cut divided by total income.
Calculations ignore the effects of the EIC and the refundable portion of the child credit.