Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Experience the ease of finding precise answers to your questions from a knowledgeable community of experts.

Michele Walsh is considering an additional charitable contribution of $1,500 to a tax-deductible charity, bringing her total itemized deductions to $16,000. If Michele is in a 24 percent tax bracket, how much will this $1,500 contribution reduce her taxes

Sagot :

The amount that this $1,500 contribution  will reduce her taxes is $360.

Tax reduction

Using this formula

Tax reduction=Additional charitable contribution×Tax rate

Where:

Additional charitable contribution=$1500

Tax rate=24%

Let plug in the formula

Tax reduction=$1500 x .24

Tax reduction = $360

Inconclusion the amount that this $1,500 contribution  will reduce her taxes is $360.

Learn more about tax reduction here:https://brainly.com/question/17395659

Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Stay curious and keep coming back to Westonci.ca for answers to all your burning questions.