Given the following tax rates, Calculate the total tax paid on a British Columbia resident earning $75,000 in employment income.     Tax Rates Tax Brackets   Federal 15.00%          Up to $43,953          22.00             43,954−87,907          26.00             87,908−136,270          29.00             136,271 and over          British Columbia 5.06%          Up to $37,606          7.70             37,607−75,213          10.50             75,214−86,354          12.29             86,355−104,858          14.70             104,859−150,000          16.80             150,001 and over              Show all calculations and formulas if necessary  Multiple Choice   $18,205.49 Correct   $17,709.56   $19,804.56   $15,308.56   $16,688.56

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Given the following tax rates, Calculate the total tax paid on a British Columbia resident earning $75,000 in employment income.

 

  Tax Rates Tax Brackets
  Federal 15.00%          Up to $43,953       
  22.00             43,954−87,907       
  26.00             87,908−136,270       
  29.00             136,271 and over       
  British Columbia 5.06%          Up to $37,606       
  7.70             37,607−75,213       
  10.50             75,214−86,354       
  12.29             86,355−104,858       
  14.70             104,859−150,000       
  16.80             150,001 and over       

 

 

 

Show all calculations and formulas if necessary 

Multiple Choice
  •  

    $18,205.49

    Correct
  •  

    $17,709.56

  •  

    $19,804.56

  •  

    $15,308.56

  •  

    $16,688.56

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