Given the following tax rates, Calculate the marginal tax rate on a British Columbia resident earning $40,000 in interest income. The resident is in the highest federal and provincial rate brackets. Tax Rates Tax Brackets Federal 15.00% Up to $43,953 22.00 43,954−87,907 26.00 87,908−136,270 29.00 136,271 and over British Columbia 5.06% Up to $37,606 7.70 37,607−75,213 10.50 75,214−86,354 12.29 86,355−104,858 14.70 104,859−150,000 16.80 150,001 and over

Given the following tax rates, Calculate the marginal tax rate on a British Columbia resident earning $40,000 in interest income. The resident is in the highest federal and provincial rate brackets. Tax Rates Tax Brackets Federal 15.00% Up to $43,953 22.00 43,954−87,907 26.00 87,908−136,270 29.00 136,271 and over British Columbia 5.06% Up to $37,606 7.70 37,607−75,213 10.50 75,214−86,354 12.29 86,355−104,858 14.70 104,859−150,000 16.80 150,001 and over

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter2: The Domestic And International Financial Marketplace

Section2.A: Taxes

Problem 3P

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	Tax Rates	Tax Brackets
Federal	15.00%	Up to $43,953
	22.00	43,954−87,907
	26.00	87,908−136,270
	29.00	136,271 and over
British Columbia	5.06%	Up to $37,606
	7.70	37,607−75,213
	10.50	75,214−86,354
	12.29	86,355−104,858
	14.70	104,859−150,000
	16.80	150,001 and over