Question
Please help me to solve these questions. I have answers but do not know the solution. Given the marginal tax information in the table below,
Please help me to solve these questions. I have answers but do not know the solution.
Given the marginal tax information in the table below, indicate the after tax monthly income Aman should expect from his retirement income? Aman expects $14,060 annual income from the combination of his CPP and OAS and $14,000 from his RRIF.
Correct Answer: | 2,091 1 |
Simplified Marginal Tax Table | ||||
Beginning of range |
| End of range | Tax at start of range | Marginal rate |
- | to | 12,000 | - | 0% |
12,000 | to | 20,000 | - | 15% |
20,000 | to | 48,000 | 1,200 | 22% |
48,000 | to | 95,000 | 7,360 | 30% |
95,000 | to | 148,000 | 21,460 | 40% |
148,000 | to | 210,000 | 42,660 | 45% |
210,000 | + | above | 70,560 | 50%
|
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