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Hi. I need help with question 1.a), 1.b), 1.c), and 1.d). Thank you 1. Canadian federal income tax works on a graduated system, meaning the
Hi. I need help with question 1.a), 1.b), 1.c), and 1.d). Thank you
1. Canadian federal income tax works on a graduated system, meaning the amount that you pay depends on your income. Within each tax bracketI you only pay the income tax rate on the amount of your income that falls within that range. For example, if you earn $50,000, then you pay 15% on the first $48,535 and 20.5% on the remaining $1,465. The 2020 Canadian federal income tax rates are shown below: 2020 Federal Income Tax Bracket 2020 Federal Income Tax Rate $48,535 or less 15% more than $48,535 and up to $97,069 20.5% more than $97,069 and up to $150,473 26% more than $150,473 and 11p to $214,368 29% More than $214,368 33% Table 1: Canadian federal tax rates Let TOE} represent the amount of income tax (in dollars) that a Canadian person paid in 2020 based on their income, a: (in dollars). (a) Based on the information in the table, T(a:) is a piecewise defined function of the form: 0.15m if a: g 48, 535 0.205(4: 48535] + 7280.25 if 48, 535Step by Step Solution
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