41-46: Tax Credits versus Tax Deductions. Determine how much the following individuals or couples will save in taxes if they use the specified tax credits or deductions. 41. Midori and Tremaine are in the 24% tax bracket, file jointly, and take the standard deduction. How much will their tax bill be reduced if they qualify for a $500 refundable tax credit? How much will it be reduced by a $500 tax-deductible expense? 42. Vanessa is single, in the 35% tax bracket, and takes the standard deduction. How much will her tax bill be reduced if she qualifies for a $6000 refundable tax credit? How much will it be reduced by a $6000 tax-deductible expense