Pat and Joy Are Considering Contributing $5,000 to Their Church

question 153

Multiple Choice

Pat and Joy are considering contributing $5,000 to their church.This contribution will bring their total itemized deductions to $10,000.Assuming they are in the 15% marginal tax bracket,how much will they save in taxes by contributing this $5,000 to their church?

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

Comprehend the priorities and loyalties of corporations in the U.S.

Identify the impact of recessions on different types of investments.

Recognize the components of investment in the context of calculating GDP.

Understand the implications of bankruptcy on personal investments in stocks.

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