Mike and Mandy Are Considering Contributing $5,000 to Their Favorite

Multiple Choice

Mike and Mandy are considering contributing $5,000 to their favorite tax-deductible charity.This contribution will bring their total itemized deductions to $20,000.Assuming they are in the 28% marginal tax bracket,how much will they save in taxes by contributing this $5,000 to charity? (Hint: Consider the amount of the standard deduction.)

A) $0
B) $784
C) $1,400
D) $2,000
E) $5,000