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In Canada, income tax is progressive, which means that the average tax rate increases with the taxable income. The income tax is the sum of
In Canada, income tax is progressive, which means that the average tax rate increases with the taxable income. The income tax is the sum of the federal and provincial tax. The marginal tax rate on the federal level is as follows: up to $47, 630: 15% between $47,630 and $95, 259: 20.5% between $95, 259 and $147,667: 26% between $147, 667 and $210, 371: 29% $210, 371: 33% over The marginal tax rate for the province of Alberta is as follows: up to $131, 220: 10% between $131, 220 and $157,464: 12% between $157, 464 and $209, 952: 13% between $209, 952 and $314, 928: 14% $314, 928: 15% over For example, if a taxable income of $150, 000 is increased by $100, there will be $41 ($29 federal and $12 Albertan) additional tax. a) How much tax is paid for a taxable income of $110000? Round your answer to the nearest dollar. $ Answer = b) Does a taxable income between $157, 464 and $209, 952 exist such that the average tax rate is equal to 34.0%? If so, enter the number rounded to the nearest dollar, omitting commas. If it does not exist, enter DNE Answer = $ c) Does a taxable income between $157, 464 and $209, 952 exist such that the average tax rate is equal to 18.0%? If so, enter the number rounded to the nearest dollar, omitting commas. If it does not exist, enter DNE Answer = $
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