John and Charlotte Are Considering Contributing $1,000 to Their Church

question 191

Multiple Choice

John and Charlotte are considering contributing $1,000 to their church.This contribution will bring their total itemized deductions to $2,000.Assuming they are in the 15% marginal tax bracket,how much will they save in taxes by contributing this $1,000 to their church?

• A) $ 0
• B) $ 150
• C) $ 300
• D) $ 500
• E) $1,000

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Definitions:

Procurement Department

The division within an organization responsible for acquiring goods and services necessary for its operations.

Boost Efficiency

Increase the effectiveness or productivity of a process or operation with the same amount of input.

Raw Materials Inventory

Stock of basic materials that are used in the production process of goods and are yet to be processed or transformed into final products.