Suppose a graduate student earned a gross income of $60,000 in the year 2022 and is a resident of Ontario, Canada. The following information is provided for the calculation of the student's federal and provincial income taxes: Federal tax rates for 2022 are as follows: 15% on the first $49,020 of taxable income 20.5% on the next $49,020 of taxable income (on the amount over $49,020 up to $98,040) 26% on the next $61,536 of taxable income (on the amount over $98,040 up to $159,576) 29% on the next $71,517 of taxable income (on the amount over $159,576 up to $231,093) 33% on the amount over $231,093 Ontario tax rates for 2022 are as follows: 5.05% on the first $47,630 of taxable income 9.15% on the next $47,629 of taxable income (on the amount over $47,630 up to $95,259) 11.16% on the next $62,335 of taxable income (on the amount over $95,259 up to $157,594) 12.16% on the next $70,000 of taxable income (on the amount over $157,594 up to $227,594) 13.16% on the amount over $227,594 Assuming that the graduate student has no deductions, credits, or other sources of income, what is the total amount of federal and provincial income taxes the student owes for the year 2022? Round your answer to the nearest dollar.
Suppose a graduate student earned a gross income of $60,000 in the year 2022 and is a resident of Ontario, Canada. The following information is provided for the calculation of the student's federal and provincial income taxes: Federal tax rates for 2022 are as follows: 15% on the first $49,020 of taxable income 20.5% on the next $49,020 of taxable income (on the amount over $49,020 up to $98,040) 26% on the next $61,536 of taxable income (on the amount over $98,040 up to $159,576) 29% on the next $71,517 of taxable income (on the amount over $159,576 up to $231,093) 33% on the amount over $231,093 Ontario tax rates for 2022 are as follows: 5.05% on the first $47,630 of taxable income 9.15% on the next $47,629 of taxable income (on the amount over $47,630 up to $95,259) 11.16% on the next $62,335 of taxable income (on the amount over $95,259 up to $157,594) 12.16% on the next $70,000 of taxable income (on the amount over $157,594 up to $227,594) 13.16% on the amount over $227,594 Assuming that the graduate student has no deductions, credits, or other sources of income, what is the total amount of federal and provincial income taxes the student owes for the year 2022? Round your answer to the nearest dollar.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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Question
Suppose a graduate student earned a gross income of $60,000 in the year 2022 and
is a resident of Ontario, Canada. The following information is provided for the
calculation of the student's federal and provincial income taxes:
Federal tax rates for 2022 are as follows:
15% on the first $49,020 of taxable income
20.5% on the next $49,020 of taxable income (on the amount over
$49,020 up to $98,040)
26% on the next $61,536 of taxable income (on the amount over
$98,040 up to $159,576)
29% on the next $71,517 of taxable income (on the amount over
$159,576 up to $231,093)
33% on the amount over $231,093
Ontario tax rates for 2022 are as follows:
5.05% on the first $47,630 of taxable income
9.15% on the next $47,629 of taxable income (on the amount over
$47,630 up to $95,259)
11.16% on the next $62,335 of taxable income (on the amount over
$95,259 up to $157,594)
12.16% on the next $70,000 of taxable income (on the amount over
$157,594 up to $227,594)
13.16% on the amount over $227,594
Assuming that the graduate student has no deductions, credits, or other sources of
income, what is the total amount of federal and provincial income taxes the student
owes for the year 2022? Round your answer to the nearest dollar.
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