Give a piecewise function that assigns to each (taxable) income up to $202,800, the federal tax...
Give a piecewise function that assigns to each (taxable) income up to $202,800, the federal tax paid on that income, using the following information taken from: Government of Canada1
The federal tax rates are:
• 15% on the first $45,916 of income, plus
• 20.5% on the next $45,915 of income (on the portion of income
over $45,916 up to $91,831), plus
• 26% on the next $50,522 of income (on the portion of income over $91,831 up to $142,353), plus
• 29% on the next $60,447 of income (on the portion of income over $142,353 up to $202,800), plus
• 33% of income over $202,800.
Homework Answers
Answer:
15% on the first $45,916 of income = 15% * 45916 = $6,887.40
Plus: 20.5% on the next $45,915 of income = 20.5% * 45915 = $9,412.58
Plus: 26% on the next $50,522 of income = 26% * 50522 = $13,135.72
Plus: 29% on the next $60,447 of income = 29% * 60447 = $17,529.63
-------------------
Total federal tax paid on that income =$46,965.33
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