Buddy Slaton Has Only One Itemized Deduction Item,the $3,000 He

question 67

Multiple Choice

Buddy Slaton has only one itemized deduction item,the $3,000 he gave to his church.His standard deduction this year is $6,100,and he is in the 15% marginal tax bracket.How much will his contribution to the church save Buddy in taxes this year?

• A) $4,400
• B) $3,000
• C) $660
• D) $450
• E) $0

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Definitions:

Borrowed

Refers to funds or resources obtained through a loan or credit that must be repaid in the future, often with interest.

Diesel Engine

A type of internal combustion engine that operates using the diesel cycle, characterized by high fuel efficiency and use of diesel fuel.

Gasoline Engine

A gasoline engine is an internal combustion engine that uses gasoline as fuel to produce mechanical energy.

Expenditure

The action of spending funds or an amount of money spent on various types of expenses, including operating and capital expenses.