Homework Answers
1.
- 15% on the first $47,630 of taxable income, plus
- 20.5% on the next $47,629 of taxable income (on the portion of taxable income over 47,630 up to $95,259)
Taxable Income = 53175
Tax on first 47630 = 47630 x 0.15 =7144.5
Tax on balance 5545 = 5545 x 0.205 = 1136.725
Total Tax payable = 8281.225
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