Marcus faces a progressive federal income tax structure that has the following marginal tax rates:0 percent on the first $10,000, 10 percent on the next $10,000, 15 percent on the next $10,000 , 25 percent bin the next $10,000 , and 50 percent on all additional income. In the additional , he must pay 5 percent of his income in provincial income tax and 15.3 percent on his Labour income in federal payroll taxes .Marcus earns $60,000 per year in salary and another $10,000 per year in nonlabour income.what is his average tax rate? a. 17.19 percent b. 46.69 percent c. 48.87 percent d. 56.01 percent
Marcus faces a progressive federal income tax structure that has the following marginal tax rates:0 percent on the first $10,000, 10 percent on the next $10,000, 15 percent on the next $10,000 , 25 percent bin the next $10,000 , and 50 percent on all additional income. In the additional , he must pay 5 percent of his income in provincial income tax and 15.3 percent on his Labour income in federal payroll taxes .Marcus earns $60,000 per year in salary and another $10,000 per year in nonlabour income.what is his average tax rate? a. 17.19 percent b. 46.69 percent c. 48.87 percent d. 56.01 percent
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Marcus faces a progressive federal income tax structure that has the following marginal tax rates:0 percent on the first $10,000, 10 percent on the next $10,000, 15 percent on the next $10,000 , 25 percent bin the next $10,000 , and 50 percent on all additional income. In the additional , he must pay 5 percent of his income in provincial income tax and 15.3 percent on his Labour income in federal payroll taxes .Marcus earns $60,000 per year in salary and another $10,000 per year in nonlabour income.what is his average tax rate?
a. 17.19 percent
b. 46.69 percent
c. 48.87 percent
d. 56.01 percent
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