The figure below show a simplified version of the current (2015)Canadian federal income-tax system.The marginal income-tax rates for the four ranges of income are 15%,22%,26%,and 29%,respectively. FIGURE 18-2
-Refer to Figure 18-2.An individual with a taxable income of $98 125 will pay $________ in income taxes.
A)15 209
B)18 807
C)22 513
D)25 513
E)28 456

Question

The figure below show a simplified version of the current (2015)Canadian federal income-tax system.The marginal income-tax rates for the four ranges of income are 15%,22%,26%,and 29%,respectively.  FIGURE 18-2
-Refer to Figure 18-2.An individual with a taxable income of $98 125 will pay $________ in income taxes.
A)15 209 
B)18 807 
C)22 513 
D)25 513 
E)28 456

Quizplus · Accepted Answer

The correct tax amount is calculated based on the tax brackets and rates applicable to the taxable income of $98,125.

The Figure Below Show a Simplified Version of the Current