You wish to make a charitable contribution of $2,000 to a qualified organization.You are currently in the 28 percent marginal tax bracket.By how much would this contribution lower your tax bill assuming your other itemized deductions exceed the standard deduction?

Question

Quizplus · Accepted Answer

Since the individual is in the 28% tax bracket, their tax bill would be lowered by 28% of the charitable contribution. Therefore, 0.28 x $2,000 = $560. This assumes that the individual's other itemized deductions exceed the standard deduction.

You Wish to Make a Charitable Contribution of $2,000 to a Qualified