Harry and Larry are a married couple in California. They itemize deductions. Before making a charitable...
Harry and Larry are a married couple in California. They itemize deductions. Before making a charitable contribution in 2018 their taxable income is $182,000. Their average tax rate is 20% and their effective tax rate is 18%.
If they decide to make a deductible charitable contribution of $10,000 their federal income tax for 2018 will decrease by $2,800.
True or False
Homework Answers
False
Taxable income before any charitable deduction is $182000
So tax on 182000= 182000*18%=$32760
If they decide to make deduction of charitable contribution
There income shall be 182000-10000=$172000
And tax shall be 172000*18%=$30960
Tax will decrease by 32760-30960=$1800
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