Don Works for OPG in a Management Position

question 70

Essay

Don works for OPG in a management position.Due to the economic turndown,provincial government has frozen management pays since 2009.In 2010,federal tax brackets and tax rates were as follows:
Using the above table and Table 3.3 in the book,compare his federal tax payed in 2010 versus that payed in 2012 on an annual compensation of $134 595.

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Definitions:

Accounts Receivable

Outstanding payments from clients to a company for delivered services or products.

Direct Method

A way of reporting cash flows from operating activities in which major classes of gross cash receipts and payments are disclosed.

Cash Received

The actual amount of money received by a company during a specific period, including from sales, services, loans, investments, and other sources.

Accounts Receivable

Financial obligations of customers to a company for products or services already delivered but not settled.