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

question 54

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 rate of 26%?

• A)$497
• B)$5639
• C)$8960
• D)$7955
• E)$31 200

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Definitions:

$20 Per Month

A fixed sum of money that is paid or received every month, often used in financial agreements or subscriptions.

Budget Line

A visual depiction of every potential pairing of two items that can be bought within a certain budget at constant prices.

Increase In Income

A rise in the amount of money earned or received by an individual or within an economy over a specific period.

Horizontal Axis

In a graph or chart, the x-axis, which typically represents the independent variable or time period.