On December 30, you decide to make a $2,000 charitable donation. 1.If you are in the 24 percent tax bracket, and you can itemize your deductions how much will you save in taxes for the current year? Tax Savings=Deduction* Rate=2000*0.24= 480 ($) 2. If you deposit that tax savings in a savings account for the next five years at 8 percent, what will be the future value of that account? Future Value=$480*(1+0.08)45=705.28 ($) 3. If you are in the 24 percent tax bracket, and you cannot itemize your deductions how much will you save in taxes for the current year