Resolution FAQ - (Stacia Naquin)
Updated: 05/14/2013 - I'm still focused on meeting my goal of doing a pull-up. And I'm almost there! But I'm always getting this question:
President Bush signed a bill on Wednesday that offers $330 billion in tax breaks to families, businesses and investors and $20 billion in state aid, a package less than half the size of the one he initially sought.
The 10-year legislation, which Bush signed with considerable fanfare at a White House ceremony, will within weeks start speeding refunds to parents and fattening paychecks and investor earnings.
The Internal Revenue Service is posting new withholding tax tables so employers can start leaving more money in workers' paychecks starting next month; child tax credits checks of up to $400 per child will begin arriving in the mailboxes of 25 million eligible families in July, the president noted.
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| New Law | Present Law | |
| 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 |
| Savings under new law | $350 | |
Head of Household - one child under age 17, $30,000, of income -------------------------------------------------------- | ||
| New Law | Present Law | |
| 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 |
| Tax after credits | $1,035 | $1,435 |
| Savings under new law | $400 | |
Married couple - two children under age 17, $50,000 of income -------------------------------------------------------- | ||
| New Law | Present Law | |
| 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 |
| Child credit | -$2,000 | -$1,200 |
| Tax after credits | $1,545 | $2,678 |
| Savings under new law | $1,133 | |
Single taxpayer - no children, $50,000 of income -------------------------------------------------------- | ||
| New Law | Present Law | |
| 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 |
| Savings under new law | $326 | |
Married couple - two children under age 17, $100,000 of income, $15,000 itemized deductions -------------------------------------------------------- | ||
| New Law | Present Law | |
| Adjusted Gross Income | $100,000 | $100,000 |
| Itemized Deduction | $15,000 | $15,000 |
| Personal Exemptions | $12,200 | $12,200 |
| Taxable Income | $72,800 | $72,800 |
| Tax | $11,820 | $13,362 |
| Child credit | -$2,000 | -$1,200 |
| Tax after credits | $9,820 | $12,162 |
| Savings under new law | $2,342 | |
Single individual, no children, $100,000 of income including $3,000 of dividend income, $15,000 of itemized deductions -------------------------------------------------------- | ||
| New Law | Present Law | |
| Adjusted Gross Income | $100,000 | $100,000 |
| Itemized Deduction | $15,000 | $15,000 |
| Personal Exemptions | $3,050 | $3,050 |
| Taxable Income | $81,950 | $81,950 |
| Tax | $17,302 | $18,813 |
| Savings under new law | $1,511 | |
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 | Present Law | |
| Adjusted Gross Income | $300,000 | $300,000 |
| Itemized Deduction | $45,185 | $45,185 |
| Personal Exemptions | $3,172 | $3,172 |
| Taxable Income | $251,643 | $251,643 |
| Tax | $62.688 | $69.607 |
| Child credit | $0 | $0 |
| Tax after credits | $601,767 | $69,607 |
| Savings under new law | $6919 | |
Updated: 05/14/2013 - I'm still focused on meeting my goal of doing a pull-up. And I'm almost there! But I'm always getting this question:
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