Multiple Choice
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?
A) $ 0
B) $ 840
C) $1,400
D) $2,000
E) $5,000
Correct Answer:
Verified
Correct Answer:
Verified
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