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We know that there exists both provincial tax and surtax in Ontario. The provincial tax brackets and the surtax rates are provided below: Part A:
We know that there exists both provincial tax and surtax in Ontario. The provincial tax brackets and the surtax rates are provided below: Part A: How much income results in paying $ as provincial tax? How much income leads to a $ provincial tax? Part B: Since the presence of surtax makes the tax system unnecessarily complicated, we decide to eliminate it However, we don't want to reduce the amount of tax that the provincial government collects. Using the two thresholds in Part A as a result of eliminating surtax, how would you change the provincial tax table such that each individual pays the same amount of tax as before elimination of surtax? Note that number of tax brackets and the tax rate in each bracket would be modified. Assume there is no tax credit. The answer better not be a copy of one of the already answered questions on Chegg, ensure to answer the question following the instructions as stated. Use the Image
We know that there exists both provincial tax and surtax in Ontario. The provincial tax
brackets and the surtax rates are provided below:
Part A: How much income results in paying $ as provincial tax? How much income
leads to a $ provincial tax?
Part B: Since the presence of surtax makes the tax system unnecessarily complicated,
we decide to eliminate it However, we don't want to reduce the amount of tax that the
provincial government collects. Using the two thresholds in Part A as a result of
eliminating surtax, how would you change the provincial tax table such that each
individual pays the same amount of tax as before elimination of surtax? Note that number
of tax brackets and the tax rate in each bracket would be modified. Assume there is no
tax credit.
The answer better not be a copy of one of the already answered questions on Chegg, ensure to answer the question following the instructions as stated. Use the Image
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