Molly and Justin are considering contributing $5,000 to their favorite,tax deductible charity.This contribution will bring their total itemized deductions to $20,000.Assuming they are in the 28% marginal tax bracket,how much will they save in taxes by contributing this $5,000 to charity?

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The couple's total itemized deductions including the $5,000 charitable contribution would be $20,000. Assuming their marginal tax bracket is 28%, their tax savings would be 28% of $5,000, which is $1,400. Therefore, by contributing $5,000 to charity, they would save $1,400 in taxes.

Molly and Justin Are Considering Contributing $5,000 to Their Favorite,tax