Under the tax law in 2012, you could claim all of your charitable contributions as a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Under the tax law in 2012, you could claim all of your charitable contributions as a deduction on your federal income tax (if you decided to itemize your deductions), and the top marginal tax rate was 35 percent. What is the cost of a $400.00 charitable contribution under the 2012 tax law for someone who itemizes and who is in the top tax bracket? The cost of a $400.00 contribution is $ . (Round your response to two decimal places.) Under the tax law in 2012, you could claim all of your charitable contributions as a deduction on your federal income tax (if you decided to itemize your deductions), and the top marginal tax rate was 35 percent. What is the cost of a $400.00 charitable contribution under the 2012 tax law for someone who itemizes and who is in the top tax bracket? The cost of a $400.00 contribution is $ . (Round your response to two decimal places.)
Expert Answer:
Posted Date:
Students also viewed these finance questions
-
Which sets of lines can be removed without stopping the code from compiling and while printing the same output? (Choose three.) A. Lines 15 and 17 B. Lines 16 and 23 C. Lines 17, 18, and 22 D. Line...
-
Cal- Maine Foods, Inc., is the largest producer of shell eggs in the United States. In 2012, it sold approximately 884.3 million dozen shell eggs, which was approximately 19% of shell eggs sold...
-
"Our managers know that they are expected to meet budgeted profit figures. We don't want excuses. We want results." Discuss the ethical implications of this policy.
-
Use the work sheet for Provident Electronics, Inc. from Work Together 13-1. Statement paper and pages 14, 15, and 16 of a general journal are provided in the Working Papers. Your instructor will...
-
Summary information from the financial statements of two companies competing in the same industry follows. Required 1. For both companies compute the (a) Current ratio, (b) Acid- test ratio, (c)...
-
Read the journal article and comment on a significant idea you gained from the material. https://aeasseincludes.assp.org/professionalsafety/pastissues/058/12/F1Lyon_1213.pdf
-
QUESTION THREE An electronic (digital) doors is controlled by two switches A and B. The door run nicely when two switches has a state of zero (0). Formulate the truth table and hence designs the...
-
What is often a reason for initial pay disparity between men and women? Also What are the reasons for the disparity between the wages of men and women?
-
On January 1, 2015, Matadors, Inc. purchased $100,000 of five-year, 8% bonds when the effective rate of interest was 10%, paying $92,277.Interest is to be paid on July 1 and December 31. Prepare the...
-
Given the trial balance: 1) prepare a multi-step income statement 2) a statement of retained earnings 3) prepare a classified balance sheet Cash Accounts Receivable, net Inventory, December 31...
-
You are a director/supervisor of a Regulated Education and Care Service. You have been asked to identify the learning and development needs of your organisation. After speaking to management, you...
-
As countries recover from COVID-19, multinational companies' success and competitiveness will be determined by their ability to manage complexity efficiently and effectively in uncertain times:...
-
Suppose the market supply is given by L=2.9w. Assume the product market is competitive and the product price is p=$10. Also suppose MP L =9.1-0.7L and that the firm has monopsony power. A.Graph the...
-
Suppose you won a financial literacy competition and are given FJS10000 to invest, with the condition that investment can be done either in, i) Invest in Unit trust of Fiji or Invest in Fijian...
Study smarter with the SolutionInn App