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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

Answer :

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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.

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