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Special Resources from CCH for Tax Legislation

CCH INCORPORATED, May 22, 2003

Single individual
Age 65
$30,000 of AGI, including $3,000 in dividend income

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

30,000

30,000

   

Std. Deduction

5,900

5,900

   

Personal Exemptions

3,050

3,050

   
 

____________

____________

   

Taxable Income

$21,050

21,050

   

Tax

2,508

2,858

$350

1.17%

 


Head of Household
One child under age 17
$30,000 of income

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

30,000

30,000

   

Std. Deduction

7,000

7,000

   

Personal Exemptions

6,100

6,100

   
 

____________

____________

   

Taxable Income

16,900

16,900

   

Tax

2,035

2,035

 

Child credit

(1,000)

(600)

400

 
 

____________

____________

____________

 

Tax after credits

1,035

1,435

400

1.33%

 


Married couple
Two children under age 17
$50,000 of income

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

50,000

50,000

   

Std. Deduction

9,500

7,950

 

Personal Exemptions

12,200

12,200

   
 

____________

____________

   

Taxable Income

$28,300

29,850

   

Tax

3,545

3,878

333

 

Child Credit

(2,000)

(1,200)

800

 
 

____________

____________

____________

 

Tax after credits

1,545

2,678

1,133

2.27%

 


Married couple
T wo children under age 17
$50,000 of income, income includes $2,000 of capital gains

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

50,000

50,000

   

Std. Deduction

9,500

7,950

 

Personal Exemptions

12,200

12,200

   
 

____________

____________

   

Taxable Income

$28,300

29,850

   

Tax

3,345

3,778

433

 

Child Credit

(2,000)

(1,200)

800

 
 

____________

____________

____________

 

Tax after credits

1,345

2,578

1,233

2.47%

 


Single taxpayer
No children
$50,000 of income

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

50,000

50,000

   

Std. Deduction

4,750

4,750

   

Personal Exemptions

3,050

3,050

   
 

____________

____________

   

Taxable Income

$42,200

42,200

   

Tax

7,360

7, 686

$326

.65%

 


Single taxpayer
No children
$50,000 of income which includes $3,000 in capital gains

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

50,000

50,000

   

Std. Deduction

4,750

4,750

   

Personal Exemptions

3,050

3,050

   
 

____________

____________

   

Taxable Income

$42,200

42,200

   

Tax

7,060

7, 476

$416

.83%

 


Married couple
T
two children under age 17
$100,000 of income, $15,000 of itemized deductions

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

100,000

100,000

   

Itemized Deductions

15,000

15,000

   

Personal Exemptions

12,200

12,200

   
 

____________

____________

   

Taxable Income

$72,800

72,800

   

Tax

11,820

13,362

1,542

 

Child Credit

(2,000)

(1,200)

800

 
 

____________

____________

____________

 

Tax after credits

9,820

12,162

2,342

2.34%

 


Married couple
Two children under age 17
$100,000 of income, $15,000 of itemized deductions. Income includes $5,000 in capital gains.

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

100,000

100,000

   

Itemized Deductions

15,000

15,000

   

Personal Exemptions

12,200

12,200

   
 

____________

____________

   

Taxable Income

$72,800

72,800

   

Tax

11,320

13,012

1,692

 

Child Credit

(2,000)

(1,200)

800

 
 

____________

____________

____________

 

Tax after credits

9,320

11,812

2,492

2.49%

 


Married couple
Two children under age 17
$100,000 of income, $15,000 of itemized deductions. Income includes $5,000 in dividends.

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

100,000

100,000

   

Itemized Deductions

15,000

15,000

   

Personal Exemptions

12,200

12,200

   
 

____________

____________

   

Taxable Income

$72,800

72,800

   

Tax

11,320

13,362

2,042

 

Child Credit

(2,000)

(1,200)

800

 
 

____________

____________

____________

 

Tax after credits

9,320

12,162

2,842

2.84%

 


Single individual
No children
$100,000 of income including $3,000 of dividend income; $15,000 of itemized deductions

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

100,000

100,000

   

Itemized Deductions

15,000

15,000

   

Personal Exemptions

3,050

3,050

   
 

____________

____________

   

Taxable Income

$81,950

81,950

   

Tax

17,302

18,813

1,511

1.51%

 


Married couple
Two children under age 17
$300,000 of income, including $10,000 of dividend income and $50,000 of itemized deductions.

 

New Law

Old Law

Savings

% of AGI

Adjusted Gross Income

300,000

300,000

   

Itemized Deductions

45,185

45,185

   

Personal Exemptions

3,172

3,172

   
 

____________

____________

   

Taxable Income

251,643

251,643

   

Tax

62,688

69,607

6,919

 

Child Credit

(0)

(0)

0

 
 

____________

____________

____________

 

Tax after credits

62,688

69,607

6,919

2.31%

 

 

       


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