Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

My answer is wrong, im not too sure about what to do 1) Mohammed finished his PhD and graduated from Concordia in December 2018. He

image text in transcribedMy answer is wrong, i"m not too sure about what to do

1) Mohammed finished his PhD and graduated from Concordia in December 2018. He entered the workforce on January 1, 2019 with a gross salary of $85,000 plus an immediate $5,000 signing bonus when he started with his new employer, XYZ Inc. As a resident of Quebec, calculate his combined 2019 taxes payable. (see Table A; ignore Non-Refundable Tax Credits, Quebec Abatement and any employer withholdings) 43 790(0,7753) a) $31,291.78 + (90000 -43790) (0.3253) b) $29,129.28 46210 c) $29,325.98 d) $30,257.92 e) $28,422.76 TABLE A 2019 Combined Federal and Quebec Personal Income Tax Brackets and Tax Rates 2019 Taxable income 2019 Tax Rates - 20 7 5 2019 Taxable income over $95,259 up to $106,555 2019 Tax Rates 45.71% first $43,790 27.53% over $43,790 up to $47,630 3 2.53% 47.46% over $47,630 up to $87,575 37.12% over $106,555 up to $147,667 over $147,667 up to $210,371 over $210,371 49.97% over $87,575 up to $95,259 41.12% 53.31%

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

Accounting Tools for Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

6th edition

1118096894, 978-1-11921511, 978-1118096895

Students also viewed these Accounting questions