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Author Question: The table below shows 2021 federal income-tax rates in Canada.Taxable IncomeMarginal Tax Rate$0 - ... (Read 42 times)

haydenjmcm

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on: Oct 12, 2022
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 $120 000, how much federal tax would be due from the earnings taxed at the rate of 26%?
◦ $497
◦ $5709
◦ $31 200
◦ $10 049
◦ $5639
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by haydenjmcm on Oct 12, 2022

Jaclyn92G6

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Reply #1 on: Oct 12, 2022
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haydenjmcm

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Reply 2 on: Oct 12, 2022
Thanks for the timely response, appreciate it

hollysheppard095

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

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