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Country A levies an individual income tax with the following rate structure: Percentage Rate Bracket 10% Income from 0 to $20,000 15 Income from $20,001
Country A levies an individual income tax with the following rate structure:
| Percentage Rate | Bracket |
|---|---|
| 10% | Income from 0 to $20,000 |
| 15 | Income from $20,001 to $75,000 |
| 25 | Income from $75,001 to $160,000 |
| 30 | Income in excess of $160,000 |
Required:
- Mr. Levis taxable income is $52,400. Compute Mr. Levis tax on this income as well as average and marginal tax rate.
- Ms. Jinns taxable income is $286,400. Compute Ms. Jinns tax on this income as well as average and marginal tax rate
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Auditing The Art and Science of Assurance Engagements
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Ingrid B. Splettstoesser
12th Canadian edition
133098230, 978-0132791564, 132791560, 978-0133098235
