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Toby, a single taxpayer with no dependents,made the following cash contributions during the current year.
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Toby's AGI is $100,000 and is in the 22% marginal tax rate. In addition to the expenditures described above, his only other qualified itemized deductions are home mortgage interest of $6,000 and property taxes of $2,000. What is the after-tax cost to Toby of his charitable contributions?
Independent Events
Two or more events where the occurrence of one does not affect the probability of the others occurring.
Probability
A measure of the likelihood that an event will occur, expressed as a number between 0 (impossible) and 1 (certain).
Babies Born
Refers to the count or statistics related to the birth of infants within a specific time frame or area.
Independent Events
Two or more events where the occurrence of one does not affect the probability of the others.
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