The Table Below Shows 2015 Federal Income-Tax Rates in Canada

question 113

Multiple Choice

The table below shows 2015 federal income-tax rates in Canada.
TABLE 18-1
-Refer to Table 18-1.If an individual had a taxable income of $120 000,how much federal tax would be due from the earnings taxed at the minimum rate of 15%?

• A)$0
• B)$6705
• C)$8003
• D)$18 000
• E)$34 800

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Definitions:

Net Profit

The financial gain or loss a business makes after subtracting all expenses, taxes, and costs from total revenue.

Shadow Price

In linear programming, it refers to the value that represents the change in the optimal objective function value per unit increase in the right-hand side of a constraint.

Finishing Constraint

A limitation or requirement in the production process that must be met before a product can be completed and delivered.

Total Profit

Total profit is the total income of a business after subtracting all expenses.