You Have a Salary of $30 000,an RPP Deduction of $2

question 48

Multiple Choice

You have a salary of $30 000,an RPP deduction of $2 000,paid $1 000 interest on your mortgage and paid union dues of $800.If the basic personal amount is $11 635 and the federal tax rate is 15 percent,what federal tax do you owe?

• A)$4200
• B)$2259
• C)$2829
• D)$2335

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Definitions:

U.S. Government

The federal government of the United States, a constitutional republic comprising the executive, legislative, and judicial branches.

Net Capital Outflow

The difference between the domestic country's sale of assets to foreigners and its purchase of assets from foreigners during a specific period.

Loanable Funds

The market model representing the supply and demand for loans, where the interest rate is determined.

Demand

The desire of purchasers to buy a certain good or service, backed by the ability and willingness to pay a specific price.