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Laura
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Give Michigan Tax Credit Examples of Tax Credits
Examples of Tax Credits
Individuals
Actual cost of a $200 gift to the MCCF could be as little as $50. Assume a Federal Marginal Income Tax rate of 25%
The savings from federal taxes would amount to $50; the savings from state taxes would be half the gift, $100. Total tax savings would be $150, leaving an actual cost to the donor of only $50.
Married Couples
Actual cost of a $400 gift to the MCCF could be as little as $100. Assume a Federal Marginal Income Tax rate of 25%
The savings from federal taxes would amount to $100; the savings from state taxes would be half the gift, $200. Total tax savings would be $300, leaving an actual cost to the donor of only $100.
Corporations
Actual cost of a $10,000 gift to the MCCF could be as little as $3,300. Assume a projected State Income Tax liability of $100,000 and a Federal Marginal Income Tax rate of 34%.
The savings from federal taxes would amount to $1,700; the savings from state taxes would be half the gift, $5,000. Total tax savings would be $6,700, leaving an actual cost to the corporation of only $3,300.
Note: This information is for illustration only. Your particular tax situation should be discussed with your personal or corporation tax advisor.
