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In the following question, you need to show all your work. Here is the table you need to use to solve for the questions below.
In the following question, you need to show all your work.
Here is the table you need to use to solve for the questions below.
Net Taxable Income | Tax Rate |
up to $49,020 | 15.0% |
over $49,020 $98,040 | 20.5% |
over $98,040 $151,978 | 26.0% |
over $151,978 $216,511 | 29.0% |
over $216,512 | 33.0% |
Glorias net taxable income for 2021 was $14Y,000. Use the 2021 Canadian income tax table above to calculate the following:
Note: Y represents
a) Calculate the total basic federal tax.
b) What is Glorias average tax rate.
c) What is Glorias marginal tax rate.
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