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Home Q & A Board Science-Related Homework Help Mathematics
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gewusel gewusel
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6 years ago
If Biyu earns $113 420 and $34 615 from her first and second job, respectively, calculate the amount of federal income tax she should report, based off of the 2016 federal income tax brackets and rates mentioned below in Figure 3.1.
Textbook 
Contemporary Business Mathematics with Canadian Applications

Contemporary Business Mathematics with Canadian Applications


Edition: 11th
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#1
6 years ago
113 420 + 34 615 = 148 035
Federal tax for Biyu = 15% × 45 282 + 20.5% × 45 281 + 26% × 49 825 + 29% × (148 035 - 140 388)
= $31 247.04

Figure 3.1
∘15% on the first $45,282 of taxable income or less, plus;
∘20.5% on the portion of taxable income over $45,282 up to $90,563, plus;
∘26% on the portion of taxable income over $90,563 up to $140,388, plus;
∘29% on the portion of taxable income over $140,388 up to $200,000, plus;
∘33% of taxable income over $200,000.
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