TAX APPENDIX
FEDERAL TAX 1998 -- MARRIED FILING JOINTLY (Alternative Minimum Tax exemption on the first $45,000. No
AMT considered in this illustration.)
"Tax Forgiveness" -- the first of your earned dollars which are not taxed due to your applying for things like:
1. personal exemptions for yourself and each dependant. 1997 $2,650 per person (Phase out if earnings
exceed $186,800)
2. deductions, either standard ($6,700) or itemized-they begin to phase out for incomes of
$124,500+
15 cents average 15% Tax Bracket
<--------------|
Total tax $6,353
23.0 cents average 28% Tax Bracket
<----------------------------|
Total tax $23,139
26.0 cents average 33% Tax Bracket
<-----------------------------------------|
Total tax $39,771
30.0 cents average 36% Tax Bracket
<------------------------------------------------------|
Total tax $83,871
UTAH STATE 1997
"Tax Forgiveness" has different dollar amounts than the Federal Tax:
1997 Stats:
1. personal exemption $1,988 (75% of the Federal Personal Exemption) unless your AGI exceeds $78,950 Married Filing Separate,
$105,250 Single, $131,550 Head of Household, or $157,900 Married Filing Joint or qualifying widow(er) in which case the exemption
is even lower.
2. deductions -- same as used on Federal return
3. Retirement Income Deduction -- an additional "forgiveness" of State taxes for amounts under $32,000 Married Filing
Joint and Head of Household $16,000 Married Filing Separately or $25,000 Single. May save from State taxation up to the first
$16,000 in income for couples.
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