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| *The Commerce Journal>>>Australia Taxes |
Can someone please help me with this accounting question? |
Q: If a charitable contribbution is tax deductable and the tax rate is 35 percent, what is the after-tax cost of a $10,000 contribution? The after tax cost will be 6500. Assuming they are in the 35% marginal tax bracket, they will gain a 3500 deduction on schedule A. this assumes that the charitable organization is the correct type and that the person itemizes already. It may be a little different as well considering thier itemized deductions would be limited. Sound like this is a homework question. In the real world you would need to sort through this one yourself. I would say the answer is C |
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