Molly and Justin are considering contributing $5,000 to a 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 the $5,000 to charity?
A) $0
B) $840
C) $1,400
D) $5,600
E) $5,000
Correct Answer:
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