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Married filing jointly, one $175,000 income, four dependents under 17, itemized deductions

SHARE Married filing jointly, one $175,000 income, four dependents under 17, itemized deductions

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