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ELEN [110]
3 years ago
5

Considering contributing $1,000 to their church. This contribution will bring their total itemized deductions to $2,000. Assumin

g they are in the 15% marginal tax bracket, how much will they save in taxes by contributing this $1,000 to their church?
a. $0
b. $150
c. $300
d. $500
Business
1 answer:
mafiozo [28]3 years ago
4 0

Answer:

b. $150

Explanation:

Standard deduction refers to deduction available to an individual at a flat rate say 30%.Whereas in itemized deductions, an individual can claim deductions at different rates on different items.

Usually itemized deductions are more beneficial to an individual and in case tax saving in these cases exceeds total standard deductions, itemized deductions should be preferred.

In the given case, contribution of $1000 to church shall amount to a deduction. Since the tax rate applicable to the individual is 15%, the savings in tax shall amount to 15% of $1000 i.e $150.

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