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
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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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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