What is combined federal and provincial marginal tax rate

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Reference no: EM132652072

Find the table at the front of the ITA that shows the personal income tax rate components

Problem a) ignoring the issue of any tax credits that may be available(since we will not study this topic until tax2) how much federal tax would an individual have to pay on $40000 of taxable income in 2020?

Problem b). What would the answer be to (a) if the amount was $97069?

Problem c). Considering only federal taxes, if the same individual had $97070 of taxable income what would the marginal tax rate and average tax rate be?

Problem d). What is the combined federal and provincial marginal tax rate for an individual living in British Columbia who has taxable income of $250000 in 2020?

Reference no: EM132652072

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