Given the following tax rates, Calculate the total tax paid on a British Columbia resident earning $75,000 in employment income. Tax RatesTax Brackets Federal15.00% Up to $43,953 22.00 43,954−87,907 26.00 87,908−136,270 29.00 136,271 and over British Columbia5.06% Up to $37,606 7.70 37,607−75,213 10.50 75,214−86,354 12.29 86,355−104,858 14.70 104,859−150,000 16.80 150,001 and over Show all calculations and formulas if necessary Multiple Choice $18,205.49Correct $17,709.56 $19,804.56 $15,308.56 $16,688.56

Total tax amount includes both amount paid as federal taxes and amount paid as British Columbia.

Answered: Given the following tax rates,…

Income Tax Fundamentals 2020

38th Edition

ISBN:9780357391129

Author:WHITTENBURG

Publisher:WHITTENBURG

Chapter9: Payroll, Estimated Payments, And Retirement Plans

Section: Chapter Questions

Problem 16MCQ

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	Tax Rates	Tax Brackets
Federal	15.00%	Up to $43,953
	22.00	43,954−87,907
	26.00	87,908−136,270
	29.00	136,271 and over
British Columbia	5.06%	Up to $37,606
	7.70	37,607−75,213
	10.50	75,214−86,354
	12.29	86,355−104,858
	14.70	104,859−150,000
	16.80	150,001 and over