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%
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- 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) 43.14% 33.29% 49.97% 29.35% 38.09%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% В 38.09% 49.97% D 33.29% 29.35%Gerry is a resident of Quebec and has been with the same employer, XYZ company for the last 3 years. Facts: Gerry’s gross salary in 2022:$96,000 ignore non-refundable tax credits for this problem Using Table A, 2022 tax rates, calculate Gerry’s taxes payable Gerry’s Taxes Payable Calculate Gerry’s average tax rate and marginal tax rate: Tax calculation Average tax rate Marginal tax rate Table A
- Katrina has wages of $161,000 in 2023. She also operates a small business that generated net profits of $10,000. What is Katrina's total self-employment tax? a. So b. $267.82 c. $290.00 d. $ 1,530.001. Mr. Park is a resident Filipino citizen working as a professional artist in a prestigious TV network.He earned an annual gross income of Php2.5M for the year 2021. He is a Non-VAT registeredtaxpayer. How much is the total income tax still due? Consider withholding taxes. 2. Using the facts above, if Mr. Park is a VAT-registered taxpayer, how much is his total incometax still due? Consider withholding taxes.Ava has not yet filed her 2021 personal income tax returns (combined Federal and Quebec) and has asked you for help. For 2021, she provided you with the following: T4 tax slip from Hydro-Québec where she works as an engineer, reporting her 2021 gross annual salary of $105,000; T5 tax slip showing interest income received in 2021 of $1,500; On December 1, 2021, she sold 100 shares in Canadian Tire for $180/share (she had purchased 150 shares when they were at $110/share in 2019); Made a Tax-Free Savings Account (TFSA) contribution of $6,000 on January 1, 2021; Contributed the maximum to her Registered Retirement Savings Plan (RRSP) plan on May 15, 2021, when she received her company bonus (note that her 2020 earned income was $100,000; she maximizes her RRSP contribution each year and is not part of a company pension plan); Professional dues from the Order of Quebec Engineers that she can deduct in the amount of $945; and Has a capital loss of $60 from a previous year that she can…
- You've just graduated and managed to find great job here in Alberta with a starting salary of $148.000.(lucky you !) you are eligible for deductions of $5,000 and you have unused tuition tax credits of $2.000 you plan to use this year in addition to your basic personal amount of $4.008. use the 2021 tax schedules from your notes in answer the following questions. 1. What is your combined (federal and provincial)marginal tax rate? A)32.5% B)25% C)30.5% D)24% E)38% 2. How much will you owe in personal income tax, rounded to the nearest whole number? A)$37,016 B)$56.240 C)$35,147 D)$41,155 E)$37.852 What is your average tax rate? A)25% B)32.5% C)24% D)30.5% E)26%Michel has heard of some Canadians that are millionaires with their TFSA’s. If that were the case and they withdrew $1 million dollars from their TFSA account in 2023, how much tax would they pay on the withdrawn funds if they were in a 53.31% marginal tax bracket? Tax calculation on $1 million TFSA withdrawal:Samantha has graduated from a law school and decided to open her own professional practice. In the current year (2022), her net profit was $30,000. If Samantha's self-employment tax is $4,500 and marginal income tax rate is 22%, determine the percentage of the federal tax burden on Samantha's business income that is represented by the self- employment tax. (Round your final answer to zero decimal place) E) 42% F) 15% G) 45% H) 22%
- Justin Timberlake, a single taxpayer, earns $78, 200 in taxable income and $13,600 in interest from an investment in City of Los Angeles bonds. (Use the U.S. tax rate schedule.) Required: If Justin earns an additional $40,000 of taxable income, what is his marginal tax rate on this income? What is his marginal rate if, instead, he had $40,000 of additional deductions?Ava has not yet filed her 2021 personal income tax returns (combined Federal and Quebec) and has asked you for help. For 2021, she provided you with the following: -T4 tax slip from Hydro-Québec where she works as an engineer, reporting her 2021 gross annual salary of $105,000; -T5 tax slip showing interest income received in 2021 of $1,500; -On December 1, 2021, she sold 100 shares in Canadian Tire for $180/share (she had purchased 150 shares when they were at $110/share in 2019); -Made a Tax-Free Savings Account (TFSA) contribution of $6,000 on January 1, 2021; -Contributed the maximum to her Registered Retirement Savings Plan (RRSP) plan on May 15, 2021, when she received her company bonus (note that her 2020 earned income was $100,000; she maximizes her RRSP contribution each year and is not part of a company pension plan); -Professional dues from the Order of Quebec Engineers that she can deduct in the amount of $945; and -Has a capital loss of $60 from a previous year that she…1. Mr. Park is a resident Filipino citizen working as a professional artist in a prestigious TV network. He earned an annual gross income of Php2.5M for the year 2021. He is a Non-VAT registered taxpayer. How much is the total income tax still due? Consider withholding taxes. 2. Using the facts in Number 5, if Mr. Park is a VAT-registered taxpayer, how much is his total income tax still due? Consider withholding taxes.