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Home Q & A Board Science-Related Homework Help Mathematics
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majarm majarm
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6 years ago
Don works for OPG in a management position. Due to the economic turndown, provincial government has frozen management pays since 2009. In 2010, federal tax brackets and tax rates were as follows:

Taxable Income   Tax rate
≤ $40 970   15%
$40 970 to $81 941   22% for > $40 970 but ≤ $81 941
$81 941 to $127 021   26% for > $81 941 but ≤ $127 021
> $127 021   29% for > $127 021

Using the above table and Table 3.3 in the book, compare his federal tax payed in 2010 versus that payed in 2012 on an annual compensation of $134 595.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
Authors:
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#1
6 years ago
Federal tax in 2010 = 15% × 40970 + 22% × (81491 - 40970) + 26% × (127021 - 81941) + 29% × (134595 - 127021) = $28,977.38
Federal tax in 2012 = 15% × 42707 + 22% × (85414 - 42707) + 26% × (132406 - 85414) + 29% × (134595 - 132406) = $28,654.32
Decrease in federal income tax between 2010 and 2012 = $28977.38 - $28654.32 = $323.06
Percentage decrease =   × 100 = 1.115%
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