If a person is in the 40% personal income tax bracket and they make a $1000 donation to a not-for-profit corporation, how much would their taxable income be reduced? How much money in taxes would this person save?

If a person is in the 40% personal income tax bracket and they make a $1000 donation to a not-for-profit corporation, how much would their taxable income be reduced? How much money in taxes would this person save?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter10: Deduct Ions And Losses: Certain Itemized Deduct Ions

Section: Chapter Questions

Problem 3BCRQ

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If a person is in the 40% personal income tax bracket and they make a $1000 donation to a not-for-profit corporation, how much would their taxable income be reduced? How much money in taxes would this person save?

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