Denise (a single taxpayer)contributes $6,000 annually to her church.In addition,she owns a home in which she has $20,000 equity and she itemizes her deductions.If she pays $1,000 interest on credit cards,$6,000 interest on her home equity loan,and is in the 25 percent marginal tax bracket,calculate Denise's tax savings from these interest payments.

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The Answer of Denise (a single taxpayer)contributes $6,000 annually to her church.In addition,she owns a home in which she has $20,000 equity and she itemizes her deductions.If she pays $1,000 interest on credit cards,$6,000 interest on her home equity loan,and is in the 25 percent marginal tax bracket,calculate Denise's tax savings from these interest payments.

Denise (A Single Taxpayer)contributes $6,000 Annually to Her Church