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4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on the next $30,000, 20% on the next $40,000, 25% on the next $45,000, and 30% on anything more. If a taxpayer paid $12,000 in federal tax, what was her gross annual income for 2011?

4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on the next $30,000, 20% on the next $40,000, 25% on the next $45,000, and 30% on anything more. If a taxpayer paid $12,000 in federal tax, what was her gross annual income for 2011?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on the next $30,000, 20% on the next $40,000, 25% on the next $45,000, and 30% on anything more. If a taxpayer paid $12,000 in federal tax, what was her gross annual income for 2011?
Transcribed Image Text:4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on the next $30,000, 20% on the next $40,000, 25% on the next $45,000, and 30% on anything more. If a taxpayer paid $12,000 in federal tax, what was her gross annual income for 2011?
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