Asked by Jaysha sereal on May 19, 2024
Verified
A province's progressive income tax rates are structured as follows: 6.70% tax on the first $35,000 of taxable income, 12.55% on the next $35,000, 13.75% on the next $400,000, and 14.65% on any additional taxable income. How much tax did a person pay earning an income for a year of $375,899.00?
Progressive Income Tax
A tax system where the tax rate increases as the taxable amount of income increases, placing a higher tax burden on high-income earners.
Taxable Income
Taxable income is the amount of income that is subject to income tax, after deductions and exemptions.
- Grasp and implement elementary mathematical operations and attributes to resolve real-life problems.
Verified Answer
EI
Learning Objectives
- Grasp and implement elementary mathematical operations and attributes to resolve real-life problems.
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