Question 1
The table below shows 2021 federal income-tax rates in Canada.
Taxable Income | Marginal Tax Rate |
$0 - $49 020 | 15% |
$49 021 - $98 040 | 20.5% |
$98 041 - $151 978 | 26% |
$151 979 - $216 511 | 29% |
$216 512 and over | 33% |
TABLE 18-1
Refer to Table 18-1. If an individual had a taxable income of $120 000, how much total federal tax would be due?
◦ $7353
◦ $10 049
◦ $31 200
◦ $39 600
◦ $23 111
Question 2
The table below shows 2021 federal income-tax rates in Canada.
Taxable Income | Marginal Tax Rate |
$0 - $49 020 | 15% |
$49 021 - $98 040 | 20.5% |
$98 041 - $151 978 | 26% |
$151 979 - $216 511 | 29% |
$216 512 and over | 33% |
TABLE 18-1
Refer to Table 18-1. If an individual had a taxable income of $200 000, how much total federal tax would be due?
◦ $45 353
◦ $31 200
◦ $47 669
◦ $30 000
◦ $58 000