The figure below show a simplified version of the current (2015) Canadian federal income-tax system.The marginal income-tax rates for the four ranges of income are 15%,22%,26%,and 29%,respectively. 
FIGURE 18-2
-Refer to Figure 18-2.An individual with a taxable income of $98 125 will pay $________ in income taxes.
Definitions:
Disposable Income
The amount of money a household has available for spending and saving after income taxes have been accounted for.
Consumption Function
A macroeconomic concept that describes the relationship between total consumption and gross national income.
Consumption Function
An economic formula that represents the relationship between total consumer spending and total national income.
Household Wealth
The total value of all financial and non-financial assets owned by members of a household minus any liabilities.
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