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- Kindly help with all three subparts. Yolanna is in the 25% tax bracket. Alia is in the 28% tax bracket. They each itemize their deductions, and they each donate $5000 to charity. Compare their true costs for charitable donations. How does the answer change if Alia does not itemize a)Yolanna's true cost for charitable donations is $ b)Alia's true cost for charitable donations is $ c)Alia's true cost for the charitable donation if she does not itemize her deductions is $Gwendolyn donates $500 cash to the American Red Cross in 2020. If Gwendolyn has AGI of $46,000 in 2020 but does not itemize deductions, how much can she deduct for her charitable contribution in 2020?Kathy, a single taxpayer, donates cash of $600 and also provides some gently-used clothing worth $150 to a local church, Kathy does not itemize deductions. What is the nature of any deduction for these items for Kathy in 20227 Since Kathy does not ✓itemize, she is entitled to a $ Foodback 600 X deduction for cash contributions in 2022. Check My Work There are currently four different charitable contribution limitations, all of which represent a percentage of the taxpayer's AGI.
- S Ents sicoped Individual L donated $10,000 to a Canadian registered charity. L's taxable income is $226,000. What is the amount of the federal donation tax credit? (Enter the amount as a positive number.)Anita Walsh is considering an additional charitable contribution of $1,500 to a tax-deductible charity, bringing her total itemized deductions to $16,000. If Anita is in a 24 percent tax bracket, how much will this $1,500 contribution reduce her taxes? Show your work please and cite any sources used. thank youFiona makes a contribution to the NRA every year. She also contributes to the Arizona Humane Society. Are either or both of these donations deductible?
- Assume that Helene E, who pays 35 percent in income taxes, plans to contribute $2,625,000 to not-for-profit Ravenswood Community Hospital. Without the contribution, his tax bill would be $7.500,000. What would be the tax bill if the contribution is made? Just enter a number, 5 instend of $5; the system will consider $5 as an alphanumeric entry and will consider it 0 which could result in a wrong answer if the answer is not 0.Every year, John makes a donation to the United Way. She gave $3,250 in 2020. Calculate her reduction in tax from the tax credits just from donations (ignoring the personal tax credit).Josh contributes $5,000 toward the support of his widowed mother, aged 69, a U.S. citizen and resident. She earns gross income of $2,000 and spends it all for her own support. In addition, Medicare pays $3,200 of her medical expenses. She does not receive financial support from sources other than those described above. Must the Medicare payments be included in the support that Josh's mother is deemed to provide for herself?
- Your client has an adjusted gross income this year of $40,000. She would like to reduce her income taxes. She plans to contribute $20,000 during the year to the American Cancer Society, a qualified public charity. To maximize the current year income tax deduction, which of the following is the most appropriate property for the client to transfer to the charity? A)Some stock, held short term, valued at $20,000 with a basis of $8,000 B)A stamp collection, held long term, valued at $20,000 with a basis of $9,000, which the American Cancer Society will dispose of upon receipt C)A life insurance policy, with a replacement cost of $20,000, on which she has paid net premiums of $5,500 D)An interest in a parcel of commercial real estate, held long term, with a fair market value of $20,000 and a basis of $15,000Your client has an adjusted gross income this year of $40,000. She would like to reduce her income taxes. She plans to contribute $20,000 during the year to the American Cancer Society, a qualified public charity. To maximize the current year income tax deduction, which of the following is the most appropriate property for the client to transfer to the charity? A)Some stock, held short term, valued at $20,000 with a basis of $8,000 B)A stamp collection, held long term, valued at $20,000 with a basis of $9,000, which the American Cancer Society will dispose of upon receipt C)A life insurance policy, with a replacement cost of $20,000, on which she has paid net premiums of $5,500 D)An interest in a parcel of commercial real estate, held long term, with a fair market value of $20,000 and a basis of $15,000 Correct answer.Ellen, made a cash contribution to a local homeless shelter (a 401(c)(3) charity) in 2021. If Ellen itemizes her deductions, her deductible contribution will be limited by what percentage of her AGI? 30%. 50%. 60%. 100%.
