michigan state tax brochure
DESCRIPTION
Michigan State Tax BrochureTRANSCRIPT
Cornerstone University exists to empower men and women to excel as influencers
in our world for Christ by offering a student-focused learning community
where Jesus Christ is central.
1001 e beltline ave ne | grand rapids mi 49525phone 616.254.1659 | fax 616.222.1414 | www.cornerstone.edu
Cornerstone University includes traditional undergraduate programs, Grand Rapids Theological Seminary, Professional & Graduate Studies, WCSG,
WaYfm and Mission Network News. For more information on our academic programs and our broadcast ministries, visit www.cornerstone.edu.
Tax BenefitsBoth the state and federal governments encourage your gifts by providing tax savings that substantially reduce your actual out-of-pocket costs of a gift to the university or its outreach ministries.
Here’s How it Works:In Michigan, a single person may claim a tax credit equaling 50 percent of your gift up to $100, and if a husband and wife file jointly, they may claim up to a $200 credit. In addition, your whole contribution may be deductible for federal income tax purposes, if you itemize.
Corporate Tax Credit:The State of Michigan allows corporations to claim a tax credit on their single business tax return for gifts to Cornerstone University or its outreach ministries. Under the law, corporations are entitled to a credit equal to 50 percent of the contribution, 5 percent of the tax liability, or $5,000, whichever is the least. There is also a federal tax deduction, provided total contributions for the year do not exceed 10 percent of taxable income.
Taxable income
Gift to Cornerstone
Michigan tax Credit
estimated Federal Savings
Out of Pocket Cost
$10,000.00 $100.00 $50.00 $15.00 $35.00
$150.00 $75.00 $22.50 $52.50
$30,000.00 $200.00 $100.00 $50.00 $50.00
$400.00 $100.00 $100.00 $200.00
$75,000.00 $600.00 $100.00 $168.00 $332.00
$1000.00 $100.00 $280.00 $620.00
Taxable income
Gift to Cornerstone
Michigan tax Credit
estimated Federal Savings
Out of Pocket Cost
$20,000.00 $100.00 $50.00 $15.00 $35.00
$150.00 $75.00 $22.50 $52.50
$60,000.00 $200.00 $100.00 $50.00 $50.00
$400.00 $200.00 $100.00 $100.00
$120,000.00 $600.00 $200.00 $168.00 $232.00
$1000.00 $200.00 $280.00 $520.00
Single Tax Payer
Joint Return
Please feel free to call us with any questions regarding tax benefits
or about your contribution: Cornerstone University Advancement
616.254.1659