Charlotte pays $16,000 in tax deductible property taxes. Charlotte's marginal tax rate is 28%, effective tax rate is 22% and average rate is 25%. Charlotte's tax savings from paying the property tax is
A) $3,520.
B) $4,000.
C) $4,480.
D) $11,520.
Answer: C
Explanation: $16,000 × 0.28 = $4,480
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