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If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your income tax bill is likely to be approximately 3200 dollars.

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In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% income tax bracket and accelerating some of your changes passed in the 2001 EGTRRA.

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