4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on the next $30,000, 20% on the next $40,000, 25% on the next $45,000, and 30% on anything more. If a taxpayer paid $12,000 in federal tax, what was her gross annual income for 2011?

4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on the next $30,000, 20% on the next $40,000, 25% on the next $45,000, and 30% on anything more. If a taxpayer paid $12,000 in federal tax, what was her gross annual income for 2011?

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter5: Corporations: Earnings & Profits And Dividend Distributions

Section: Chapter Questions

Problem 29P

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Please ans this with in 10 to 15 mins to get a thumbs up! Please show neat and clean work .

4. In 2011, Canadian federal tax rates were 0% on
the first $10,000 of gross income earned, 15% on
the next $30,000, 20% on the next $40,000, 25%
on the next $45,000, and 30% on anything more.
If a taxpayer paid $12,000 in federal tax, what
was her gross annual income for 2011?

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