Molly and Justin are considering contributing $5,000 to their favorite, tax deductible charity. This contribution will bring their total itemized deductions to $20,000. Assuming they are in the 28% marginal tax bracket, how much will they save in taxes by contributing this $5,000 to charity? Group of answer choices $5,000 $ 0 $ 840 $2,000 $1,400
Molly and Justin are considering contributing $5,000 to their favorite, tax deductible charity. This contribution will bring their total itemized deductions to $20,000. Assuming they are in the 28% marginal tax bracket, how much will they save in taxes by contributing this $5,000 to charity? Group of answer choices $5,000 $ 0 $ 840 $2,000 $1,400
Chapter10: Deductions And Losses: Certain Itemized Deductions
Section: Chapter Questions
Problem 36P
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Molly and Justin are considering contributing $5,000 to their favorite, tax deductible charity. This contribution will bring their total itemized deductions to $20,000. Assuming they are in the 28% marginal tax bracket, how much will they save in taxes by contributing this $5,000 to charity?
Group of answer choices
$5,000
$ 0
$ 840
$2,000
$1,400
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