George and Margaret Wealthy are in the 48% tax bracket, considering both federal and state personal taxes.
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Question:
George and Margaret Wealthy are in the 48% tax bracket, considering both federal and state personal taxes. Norman Briggs, the CEO of Community General Hospital, has been aggressively pursuing the couple to contribute $500,000 to the hospital's soon-to-be-built Cancer Care Center. Without the contribution, the Wealthys' taxable income, for 2008, would be $2 million. What impact would the contribution have on the Wealthys' 2008 tax bill?
Related Book For
Personal Financial Planning
ISBN: 978-1111971632
13th edition
Authors: Lawrence J. Gitman, Michael D. Joehnk, Randy Billingsley
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