You earned $62,715 this year and your Income tax calculator says you owe $8,818 in taxes. But you neglected to deduct $1,000 for your dependent Grandfather and the $5,000 you put in an IRA. This reduces your income by $6,000 to $56,715. Your new effective tax rate is 10.70%. What is the difference in your old $62,715 based tax debt and the updated tax debt with another dependent and the IRA contribution?
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