Question
Asked Jan 13, 2020
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You pay personal taxes on your calculated _________________ income.
Group of answer choices
 
A.marginal
B.taxable
C.adjusted gross
D. gross
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Expert Answer

Step 1

According to the provision of income tax act, the assesse is liable to pay tax based on the taxable income. Taxable income can be determined as follows:

Finance homework question answer, step 1, image 1
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Step 2

Therefore, the answer is Taxable i...

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