Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In Canada, the federal tax rate you have to pay depends on your income bracket. ,15% on the first $53,358 of taxable income. ,20.5% on

In Canada, the federal tax rate you have to pay depends on your income bracket.\

,15%

on the first

$53,358

of taxable income.\

,20.5%

on taxable income over

$53,359

up to

$106,717

.\

26%

on taxable income over

$106,717

up to

$165,430

.\

29%

on taxable income over

$165,430

up to

$235,675

.\

,33%

on any taxable income over

$235,675

.\ a. Write an expression that determines the

Tax(T)

as a function of income (i) for someone making more than

$235,675

. [3 marks]\ b. How much federal tax would a person making

$100,000

have to pay? [2 marks]\ 11

image text in transcribed
4. In Canada, the federal tax rate you have to pay depends on your income bracket. - 15% on the first $53,358 of taxable income. - 20.5% on taxable income over $53,359 up to $106,717. - 26% on taxable income over $106,717 up to $165,430. - 29% on taxable income over $165,430 up to $235,675. - 33% on any taxable income over $235,675. a. Write an expression that determines the Tax(T) as a function of income (i) for someone making more than $235,675. [3 marks] b. How much federal tax would a person making $100,000 have to pay? [2 marks] 11

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Measuring Business Interruption Losses And Other Commercial Damages An Economic Approach

Authors: Patrick A. Gaughan

3rd Edition

1119647916, 9781119647911

More Books

Students also viewed these Accounting questions

Question

1.4 Identify tools to help makeevidence-based HRM decisions.

Answered: 1 week ago