Molly and Justin Are Considering Contributing $5,000 to Their Favorite,tax

question 59

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

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Increases

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