Brooke Barnes is considering an additional charitable contribution of $4,000 to a tax-deductible charity, bringing her...
Brooke Barnes is considering an additional charitable contribution of $4,000 to a tax-deductible charity, bringing her total itemized deductions to $20,000. If Brooke is in a 28 percent tax bracket, how much will this $4,000 contribution reduce her taxes? a. nothing b. $560 c. $1,120 d. $2,000 e. $4,000
Homework Answers
Dollar reduction in taxes = Amount of tax deduction * tax bracket percentage
= $4000 * 28%
= $1,120
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