Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Jason lives in New Brunswick and has a taxable income of $100,000. The federal and provincial income tax rates are graduated as follows: Federal 15%

Jason lives in New Brunswick and has a taxable income of $100,000. The federal and provincial income tax rates are graduated as follows: Federal 15% on the first $50,197 20.5% on the next $50,195 26% on the next $55,233 29% on the next $66,083 33% over $221,708 Provincial 9.40% on the first $44,887 14.82% on the next $44,888 16.52% on the next $56,180 17.84% on the next $20,325 20.3% on the amount over $166,280 Combining federal and provincial income taxes, Jason has paid a total of $30,689 in income taxes. What is Jason's average tax rate and marginal tax rate? TUDT2ZzeE9GcTM2N2VrndSeUNBQT09 a. O Average tax rate = 30.69%; marginal tax rate = 37.02% b. O Average tax rate = 30.76%; marginal tax rate = 43.84% c. O Average tax rate = 29.42%; marginal tax rate = 43.84% d. O Average tax rate = 29.42%; marginal tax rate = 42.52%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Elementary Statistics

Authors: Mario F. Triola

3rd Canadian Edition

9780321225979

More Books

Students also viewed these Economics questions