Jered and Samantha are married. Their 2014 taxable income is $90,000 before considering their mortgage interest deduction. If the mortgage interest totals $10,000 for 2014, 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, $10,000 x 25% = $2,500.

Jered and Samantha Are Married