George and margaret wealthy are in the 42 percent tax, Ask an Expert

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George and Margaret Wealthy are in the 42 percent tax bracket, considering both federal and state personal taxes. Norman Briggs, then CEO of Community General Hospital, has been aggressively pursuing the couple to contribute $400 thousand to the hospital’s soon-to-be-built Cancer Care Center. Without the contribution, the Wealth’s taxable income for 2014 would be $3 million. What impact would the contribution have on the Wealth’s 2014 tax bill?

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Financial Management, Finance

Category:- Financial Management
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