Solve.
-Genevieve is in the 28% tax bracket. George is in the 35% tax bracket. They each itemize their deductions and they each donate $7402 to charity. Compute their true costs for charitable Donations.

Question

Quizplus · Accepted Answer

To compute the true cost of their charitable donations, you subtract the tax savings from the donation amount. The tax savings is calculated by multiplying the donation amount by their respective tax brackets. For Genevieve: $7402 * 28% = $2072.56, so her true cost is $7402 - $2072.56 = $5329.44. For George: $7402 * 35% = $2590.7, so his true cost is $7402 - $2590.7 = $4811.3.

Solve -Genevieve Is in the 28% Tax Bracket $2590.7\$ 2590.7$2590.7 George $2072.56\$ 2072.56$2072.56

Solve
-Genevieve Is in the 28% Tax Bracket $\$ 2590.7$ George $\$ 2072.56$