A tax credit of $5000 for a person in a 35% tax bracket would reduce a person's taxes owed by $1,750.
What is tax credit?
Tax credit can be defined as the money deducted from the tax you owe.
Using this formula
Tax reduction=Amount owe- Tax bracket percentage
Let plug in the formula
Tax reduction=$5,000×35%
Tax reduction=$1,750
Therefore a tax credit of $5000 for a person in a 35% tax bracket would reduce a person's taxes owed by $1,750.
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