On December 30, you decide to make a $1,400 charitable donation. a. If you are in...

 

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On December 30, you decide to make a $1,400 charitable donation. a. If you are in the 20.5 percent federal tax bracket, how much will you save in taxes for 2019? Assume that amounts in excess of $200 do not exceed 75 percent of Net income. (Omit the "$" sign in your response.) Tax savings for the current year b. If you deposit that tax savings in a savings account for the next five years at 5 percent, what is the future value of that account? Use Exhibit 1B-1. (Round time value factor to 3 decimal places and final answer to 2 decimal places. Omit the "$" sign in your response.) Future value of tax savings On December 30, you decide to make a $1,400 charitable donation. a. If you are in the 20.5 percent federal tax bracket, how much will you save in taxes for 2019? Assume that amounts in excess of $200 do not exceed 75 percent of Net income. (Omit the "$" sign in your response.) Tax savings for the current year b. If you deposit that tax savings in a savings account for the next five years at 5 percent, what is the future value of that account? Use Exhibit 1B-1. (Round time value factor to 3 decimal places and final answer to 2 decimal places. Omit the "$" sign in your response.) Future value of tax savings

Answer rating: 100% (QA)

a To calculate the tax savings for the current year Tax sa... View the full answer