4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on the next $30,000, 20% on the next $40,000, 25% on the next $45,000, and 30% on anything more. If a taxpayer paid $12,000 in federal tax, what was her gross annual income for 2011?

4. In 2011, Canadian federal tax rates were 0% on the first $10,000 of gross income earned, 15% on the next $30,000, 20% on the next $40,000, 25% on the next $45,000, and 30% on anything more. If a taxpayer paid $12,000 in federal tax, what was her gross annual income for 2011?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Please ans this with in 10 to 15 mins to get a thumbs up! Please show neat and clean work .

4. In 2011, Canadian federal tax rates were 0% on
the first $10,000 of gross income earned, 15% on
the next $30,000, 20% on the next $40,000, 25%
on the next $45,000, and 30% on anything more.
If a taxpayer paid $12,000 in federal tax, what
was her gross annual income for 2011?

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