ACCT 3380 2020 Tax Rates Tax Federal Marginal Tax Rates Income Within Income Bracket the Brackect $ 13,229.00 $ 48,535.00 $ 48,535.00 $ 97,069.00 $ 97,069.00 $ 150,473.00 $ 150,473.00 $ 214,368.00 $ 214,368.00 Total Federal Tax Rate 15.0% 20.5% 26.0% 29.0% 33.0% Tax Provincial Marginal Tax Rates Income Within Income Bracket the Brackect $ 10,949.00 $ 41,725.00 $ 41,725.00 $ 83,451.00 $ 83,451.00 $ 95,812.00 $ 95,812.00 $ 116,344.00 $ 116,344.00 $ 157,748.00 $ 157,748.00 $ 220,000.00 $ 220,000.00 Total provincial tax Rate 5.06% 7.70% 10.50% 12.29% 14.70% 16.80% 20.50% For Questions 8 - 12. please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 What is the federal tax payable? Multiple Choice $20,396 $24,635 $32,296 $26,407 For Questions 8 - 12. please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 What is the provincial tax payable? Multiple Choice $12,069 $13,632 $15,341 $13,321 For Questions 8 - 12. please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 What is the combined (federal plus provincial) marginal tax rate? Multiple Choice 26.0% 4074 14.7% 206% For Questions 8-12, please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 What is the average tax rate? Multiple Choice 2748% 16.97% O 25.36% 35.25% For Questions 8 - 12. please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 Lilly has a tax problem. She purchased 100 shares of Ez Corp stock at $10 a share two years ago. It is now trading at $17.00 a share and she wants to sell but she wants to understand the tax implications of doing so. Lilly currently makes $95,000 per year. How much FEDERAL capital gains tax will Lilly pay? Multiple Choice $30.50 $62.95 $42.80 57175 ACCT 3380 2020 Tax Rates Tax Federal Marginal Tax Rates Income Within Income Bracket the Brackect $ 13,229.00 $ 48,535.00 $ 48,535.00 $ 97,069.00 $ 97,069.00 $ 150,473.00 $ 150,473.00 $ 214,368.00 $ 214,368.00 Total Federal Tax Rate 15.0% 20.5% 26.0% 29.0% 33.0% Tax Provincial Marginal Tax Rates Income Within Income Bracket the Brackect $ 10,949.00 $ 41,725.00 $ 41,725.00 $ 83,451.00 $ 83,451.00 $ 95,812.00 $ 95,812.00 $ 116,344.00 $ 116,344.00 $ 157,748.00 $ 157,748.00 $ 220,000.00 $ 220,000.00 Total provincial tax Rate 5.06% 7.70% 10.50% 12.29% 14.70% 16.80% 20.50% For Questions 8 - 12. please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 What is the federal tax payable? Multiple Choice $20,396 $24,635 $32,296 $26,407 For Questions 8 - 12. please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 What is the provincial tax payable? Multiple Choice $12,069 $13,632 $15,341 $13,321 For Questions 8 - 12. please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 What is the combined (federal plus provincial) marginal tax rate? Multiple Choice 26.0% 4074 14.7% 206% For Questions 8-12, please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 What is the average tax rate? Multiple Choice 2748% 16.97% O 25.36% 35.25% For Questions 8 - 12. please refer to the Excel Sheet labeled Personal Tax Problem: 2020. You are a resident of B.C. making an annual income of $140,000 Lilly has a tax problem. She purchased 100 shares of Ez Corp stock at $10 a share two years ago. It is now trading at $17.00 a share and she wants to sell but she wants to understand the tax implications of doing so. Lilly currently makes $95,000 per year. How much FEDERAL capital gains tax will Lilly pay? Multiple Choice $30.50 $62.95 $42.80 57175
