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All contribution to the Church of St. Peter's Foundations of Faith capital campaign are tax deductible. The tax savings derived from your initial gift may prove helpful in helping you calculate your pledge amount.
Here is a chart created for the campaign by a certified public accountant to serve as a helpful resource.
You may wish to consider dedicating your tax rebate to the campaign. |
Income Tax Savings Resulting from Contribution
Find your taxable income bracket in box #1, then apply this bracket to the amount of giving you intend in box #2
Filing Category: Married filing joint and qualifying widow(er) |
| Box #1 |
From |
To |
Fed Tax |
MN Tax Avg. |
Total Tax |
| Taxable income |
|
$15,100 |
10% |
7% |
17% |
| Taxable income |
$15,101 |
$61,300 |
15% |
7% |
22% |
| Taxable income |
$61,301 |
$123,700 |
25% |
7% |
32% |
| Taxable income |
$123,701 |
$188,450 |
28% |
7% |
35% |
| Taxable income |
$188,451 |
$336,550 |
33% |
7% |
40% |
| Taxable income |
$336,551 |
and over |
35% |
7% |
42% |
| |
|
| This calculation does not take Alternative Minimum Taxes into consideration. Consult your tax advisor. |
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|
| Description |
With $2000 Contribution |
With $5000 Contribution |
With $10,000 Contribution |
With $15,000 Contribution |
With $20,000 Contribution |
With $25,000 Contribution |
| |
| Box #2 |
Your Tax Savings |
Your Tax Savings |
Your Tax Savings |
Your Tax Savings |
Your Tax Savings |
Your Tax Savings |
| 17% Tax bracket |
$340 |
$850 |
$1,700 |
$2,550 |
$3,400 |
$4,250 |
| 22% Tax bracket |
$440 |
$1,100 |
$2,200 |
$3,300 |
$4,400 |
$5,500 |
| 32% Tax bracket |
$640 |
$1,600 |
$3,200 |
$4,800 |
$6,400 |
$8,000 |
| 35% Tax bracket |
$700 |
$1,750 |
$3,500 |
$5,250 |
$7,000 |
$8,750 |
| 40% Tax bracket |
$800 |
$2,000 |
$4,000 |
$6,000 |
$8,000 |
$10,000 |
| 42% Tax bracket |
$840 |
$2,100 |
$4,200 |
$6,300 |
$8.400 |
$10,500 |
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