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What is the effect of the latest tax changes on individual…

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What is the effect...

What is the effect of the latest tax changes on individual income taxes for individuals in the $60-70,000 range with no special deductins?

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What is the effect of the latest tax changes on married $60-70 k income with no special deductiions.

Submitted: 8 months ago.Category: Tax
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Answered in 19 minutes by:
11/18/2017
Tax Professional: Lev, Tax Advisor replied 8 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,142
Experience: Taxes, Immigration, Labor Relations
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Assuming Single, standard deduction, gross income $60,000, all from wages.

Tax estimation under current law...

Std. Deduction:$6,350

Personal Exemptions:$4,050

Taxable Income $49,600

estimated income tax liability under current law $8,139

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Tax Professional: Lev, Tax Advisor replied 8 months ago

Under the proposed tax law...

Std. Deduction:$12.200

Personal Exemptions:elininated

Taxable Income $47,800

income tax liability 12% for taxable income up to $45,000 and 25% on the amount above $45,000
total tax liability $5400 + $700 = $6100
expected saving - ~$2000
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