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Author Question: The table below shows 2021 federal income-tax rates in Canada.Taxable IncomeMarginal Tax Rate$0 - ... (Read 38 times)

Apple716

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on: Oct 12, 2022

Question 1

The table below shows 2021 federal income-tax rates in Canada.

Taxable IncomeMarginal Tax Rate
$0 - $49 02015%
$49 021 - $98 040  20.5%
$98 041 - $151 97826%
$151 979 - $216 51129%
$216 512 and over33%

TABLE 18-1

Refer to Table 18-1. If an individual had a taxable income of $70 000, how much federal tax would be due?
◦ $11 654
◦ $10 500
◦ $4796
◦ $3509
◦ $14 350

Question 2

The table below shows 2021 federal income-tax rates in Canada.

Taxable IncomeMarginal Tax Rate
$0 - $49 02015%
$49 021 - $98 040  20.5%
$98 041 - $151 97826%
$151 979 - $216 51129%
$216 512 and over33%

TABLE 18-1

Refer to Table 18-1. If an individual had a taxable income of $175 000, how much federal tax would be due from the portion of earnings taxed at the maximum rate of 33%?
◦ $8848
◦ $1817
◦ $0
◦ $57 750
◦ $38 725
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Marked as best answer by Apple716 on Oct 12, 2022

LynellDool

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Reply #1 on: Oct 12, 2022
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Apple716

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Reply 2 on: Oct 12, 2022
Great answer, keep it coming :)

amynguyen1221

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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