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Tax Advantages of Charitable Contributions for Michigan Residents
Lake Michigan College Foundation
Tax Laws encourage giving to the Lake Michigan
College Foundation
With these tax advantages, the actual cost of a
gift to the Lake Michigan College Foundation, Inc. can be far
less than the amount of the gift. This tax chart is intended to
serve as a guide in helping you decide how much you contribute.
We encourage you to work with qualified tax counsel to determine
the exact cost of your gift depending on your personal circumstances.
Thank you for considering the Lake Michigan College Foundation,
Inc. as a recipient of your support. Information is based on the
Internal Revenue and Michigan Tax codes as currently written and
amended for the 2003 tax year.
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Joint Return for Michigan Residents
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Annual Contribution
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Federal Tax Savings (1)
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State Tax* Savings (2)
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Actual Cost of Contribution
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| $100 |
$14 |
$50 |
$36 |
| $250 |
$35 |
$125 |
$90 |
| $500 |
$84 |
$200 |
$216 |
| $1,000 |
$224 |
$200 |
$576 |
| $2,500 |
$644 |
$200 |
$1,656 |
| $5,000 |
$1,344 |
$200 |
$3,456 |
| $10,000 |
$2,744 |
$200 |
$7,056 |
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1.) Federal Tax: Assumes that total charitable contributions
do not exceed 50% of adjusted gross income, and an effective
tax rate of 28%
2.) State Tax for Michigan Residents: Assumes a joint return
is filed. Credit is limited to the lesser of 50% of public
contributions, or $200 ($100 for single filers).
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The Lake Michigan College Foundation, Inc. is a non-profit Michigan
corporation organized to receive and administer funds for charitable
purposes in support of Lake Michigan College. It is exempt from
federal taxation under Internal Revenue Code section 501 (c) (3).
* Applies to Michigan residents only.
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