Troy graduated in civil engineering from Concordia two years ago and decided to work in the remote area of northern Quebec. He is making great money and saving it all. What is Troy's average rate of tax if in 2021 he paid taxes of $58,232.74 on his gross income earned of $135,000? (ignore Non-Refundable Tax Credits, Quebec Abatement, and any employer withholdings) A 43.14% B 38.09% C 49.97% D 33.29% 29.35%
Troy graduated in civil engineering from Concordia two years ago and decided to work in the remote area of northern Quebec. He is making great money and saving it all. What is Troy's average rate of tax if in 2021 he paid taxes of $58,232.74 on his gross income earned of $135,000? (ignore Non-Refundable Tax Credits, Quebec Abatement, and any employer withholdings) A 43.14% B 38.09% C 49.97% D 33.29% 29.35%
Chapter4: Gross Income: Concepts And Inclusions
Section: Chapter Questions
Problem 3DQ
Related questions
Question
Transcribed Image Text:Troy graduated in civil engineering from Concordia two years ago and decided to work in the remote area of northern Quebec. He is making great money and
saving it all. What is Troy's average rate of tax if in 2021 he paid taxes of $58,232.74 on his gross income earned of $135,000? (ignore Non-Refundable Tax
Credits, Quebec Abatement, and any employer withholdings)
A 43.14%
B
38.09%
C 49.97%
D 33.29%
E 29.35%
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT
Individual Income Taxes
Accounting
ISBN:
9780357109731
Author:
Hoffman
Publisher:
CENGAGE LEARNING - CONSIGNMENT