Question

Carlos is in the 12% tax bracket. Over the course of the year, he paid $2,000 in student loan interest. This $2,000 decrease in his taxable income will save him how much in taxes HELP PLS!!

Answer 1

Answer:

The $2,000 decrease in Carlos's taxable income will save him

$= \frac{12}{100} \times \ 2000 = \ 240.$

Step-by-step explanation:

i) Carlos is in the 12% tax bracket.

ii)The $2,000 decrease in Carlos's taxable income will save him

$= \frac{12}{100} \times \ 2000 = \ 240.$