Reference no: EM13184749
Mary has an $85,769 adjusted gross income and $10,000 of non-refundable tax credits. She is a resident of Manitoba. Use the 2008 tax rates.
In solving the problem,when your taxable income lies exactly on the border of the 22% bracket ( so that adding one dollar takes it to the beginning of the net bracket), choose the next bracket i.e. 26% as the marginal rate for your federal tax, then also add the marginal rate from the last bracket of the provincial tax in order to get the overall marginal tax rate.
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1 Calculate the total tax payable
a) $23,222 b) $22,782 c) $23,941 d) $23,655
2 Calculate the average tax rate
a) 39.4% b) 31.2% c)43.4% d)30.0%
3 Calculate the marginal tax rate
a) 39.4% b)31.2% c)43.4% d)30.0%
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