Jered and Samantha are married.Their 2016 taxable income is $90,000 before considering their mortgage interest deduction.If the mortgage interest totals $10,000 for 2016,what are the tax savings attributable to their interest deduction?

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The tax savings from the mortgage interest deduction is calculated by multiplying the interest amount by the marginal tax rate. Assuming they are in the 25% tax bracket, the savings would be $10,000 * 0.25 = $2,500.

Jered and Samantha Are Married