Why does each charitable contribution reduce amount owed by a different percentage?
As I add each charitable contribution, I watch my amount of taxes owed going down but for each entry the amount that the taxes are lowered is a different percentage lowered. It is about 24% on the average but I've seen a range from 23.8% to 24.56%. Why the difference?
Why does each charitable contribution reduce amount owed by a different percentage?
Because..the tax tables only work in $50 increments. You could make a $1 contribution and get a $12 tax change if you were right at the next $50 block. (not always $12...but you get the idea). then make another $40 contribution with no tax change
So you are in the 24% bracket, but where your income ends up in the tax table after the contribution is a bit fudgy,.
Why does each charitable contribution reduce amount owed by a different percentage?
Because..the tax tables only work in $50 increments. You could make a $1 contribution and get a $12 tax change if you were right at the next $50 block. (not always $12...but you get the idea). then make another $40 contribution with no tax change
So you are in the 24% bracket, but where your income ends up in the tax table after the contribution is a bit fudgy,.
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