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Ethics & Morality
Donation question
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<blockquote data-quote="joeswe" data-source="post: 68685808" data-attributes="member: 381197"><p>My family has determined that a fair guideline for us to donate to charity/Church is 10% of after tax earnings. I am debating on what is the best "after tax" number to use.</p><p></p><p>If my tax rate is 25% and I then make charitable tax deductions, my "effective" tax rate is no longer 25% (it could now be 20% for instance).</p><p></p><p>So do you think I should be donating 10% of after tax income on the tax bracket rate or the effective rate (meaning I should make adjustments on giving amount for a year after we determine our effective tax rate after deductions for charitable giving).</p><p></p><p>Thanks.</p></blockquote><p></p>
[QUOTE="joeswe, post: 68685808, member: 381197"] My family has determined that a fair guideline for us to donate to charity/Church is 10% of after tax earnings. I am debating on what is the best "after tax" number to use. If my tax rate is 25% and I then make charitable tax deductions, my "effective" tax rate is no longer 25% (it could now be 20% for instance). So do you think I should be donating 10% of after tax income on the tax bracket rate or the effective rate (meaning I should make adjustments on giving amount for a year after we determine our effective tax rate after deductions for charitable giving). Thanks. [/QUOTE]
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