Solved

A Province's Progressive Income Tax Rates Are Structured as Follows

Question 163

Short Answer

A province's progressive income tax rates are structured as follows: 16% tax on the first $15,000 of taxable income, 26% on the next $20,000, 35% on the next $40,000, and 45% on any additional taxable income. What percentage is an individual's total income tax of his (taxable) income if his taxable income for a year is:
a) $33,000?
b) $66,000?
c) $99,000?

Correct Answer:

verifed

Verified

a)21.5%
b)...

View Answer

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions