PORTLAND (AP) – Voters whose bottom line is taxes can use a new online tool to calculate what their own bottom line would be with the IRS under a Barack Obama or John McCain administration.

The model developed by a business software company and an accounting professor in Maine estimates how individual income taxes would be affected under plans put forth by the two presidential candidates.

The Portland-based company Quantrix says taxpayers who log onto www.electiontaxes.com and enter their income can obtain a free estimate of what they would pay in taxes for 2009 through 2012 under each of the two presidential candidates.

“The economy is a key factor in this presidential election, and our interactive tool enables individuals to make an informed choice when casting their vote,” said professor Jeffrey Gramlich of the University of Southern Maine. “With just a few keystrokes, this model enables voters to see how these tax plans will impact their personal bottom line.”

McCain and Obama have both vowed to reduce the overall tax load, although the Democrat wants to raise taxes on families making more than $250,000 a year. McCain’s proposals include extending President Bush’s tax cuts, a move Obama opposes.

“It’s easy to become confused by political rhetoric during an election season, and the average citizen would need an accountant to determine the real impact of each plan,” said Quantrix CEO Chris Houle. “Professor Gramlich and Quantrix have analyzed both campaign’s tax plans and developed a working model that people can use to better understand the impact of each plan on their personal finances.”

Individuals who log onto the site may enter only their income or provide more detailed information such as deductions, retirement plan contributions, child care expenses and income subject to capital gains treatment. Users are not required to provide names or other personal information.

“We tried to set the bar high by incorporating as many details as possible from the tax law and the Obama and McCain plans,” Gramlich said. “It’s not just a single taxable income number, which would have been relatively simple to do.”

The model indicates that a couple with two children earning $100,000 with $20,000 itemized deductions would have a net tax bill for 2009 of $9,555 under McCain and $9,002 under Obama. A single taxpayer making $50,000 and using the standard deduction would pay $6,867 under McCain and $6,325 under Obama. And a couple with $200,000 in salaries, $20,000 in long-term gains and $25,000 in itemized deductions would pay $40,967 under McCain and $42,630 under Obama.

The model was an outgrowth of a research paper that Gramlich had written last month examining the two tax plans and attempting to provide an objective assessment of their impact. Houle, who had worked with Gramlich on other projects, latched onto the idea of an online model that could provide a public service while showcasing his company’s proprietary software.

“Our mission is to have a meaningful and respected impact on the election,” said Gramlich, who declined to offer a generalized overview on how the competing tax plans affect various income groups.

He and Houle said they are unaware of any similar online efforts to calculate the impact of the tax plans. They said the McCain and Obama Web sites, which were among the sources for the project, do not have features that allow visitors to calculate how their taxes would be affected.

Information from the candidates’ economic advisors, the Internal Revenue Service, the Urban-Brookings Tax Policy Center also helped shape the model, which went online this week.

In a disclaimer, Quantrix notes that the candidates’ tax plans are still changing and in some cases the specifics of each plan are not fully available. The company also says it can’t guarantee the accuracy of the model for any given individual and that users seeking guidance about their own situation should consult their tax adviser.

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