Total income $175,000
Dependents under 17 4
Dependents 17 or older 0
Itemized deductions 26,200
Personal exemption 17,400
Tax using former tax law Tax under new tax law
Taxable income: 131,400 Taxable income 131,400
Child tax credit 0 Child tax credit 0
Total taxes: 31,581 Total taxes 27,405
Tax cut under the new law $4,176
Percentage tax cut 13.22%
Increase in family income 2.39%
© 2001 Deseret News Publishing Company
Source: D. Brock Griffiths, tax specialist with Ernst & Young