Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. catherine lives in montreal and just graduated in

Catherine lives in Montreal and just graduated in December 2022 from Concordias Gina Cody School...

50.1K

Verified Solution

Question

Finance

Catherine lives in Montreal and just graduated in December 2022 from Concordias Gina Cody School of Engineering. To save money for a house in two (2) years, she decided to take a great job opportunity on January 1, 2023, by working in a remote area in northern Quebec in engineering. Many of her expenses such as food and lodging are covered by her employer. She is making great money and earning a gross salary of $120,000. At the start of 2023, she put $6,500 in her Tax-Free Savings Account (TFSA) and is making regular Registered Retirement Savings Plan (RRSP) contributions of $1,000 per month (as she has previous years RRSP contribution room of $12,000). She paid her Quebec Engineering professional annual dues of $600 and is also paying her annual union dues of $450 as she is part of a labour union. The remainder of her pay is going to her chequing account, which she will eventually transfer into a savings account. What is Catherines marginal tax rate in 2023?

36.12%

41.12%

45.71%

47.46%

50.23%

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Accounting
1.2K views

Mary has to prepare a budget for the upcoming year. To know howmuch to...

Chemistry
1.2K views

What is the final pH at 25°C when 56 mL of 0.139 mol/L NaOH(aq) and 30...

Chemistry
1.2K views

There are two possible methods for recovering copper from a solution of copper (II) sulfate, one...

Mechanical Engineering
1.2K views

Outline the three typical grain structures that develop in cast components. Explain how a fine grain...

Biology
1.2K views

5 Identify the levels of chromosome packing

Accounting
1.2K views

8&9: Apple Inc. is the number one online music retailer through its iTunes music...

Accounting
1.2K views

Cold Creek Kayaks, a manufacturing company, has beginning finished goods inventory of $25,000; cost of...

Accounting
1.2K views

ASAP. PLS Based on a predicted level of production and sales of...

Accounting
1.2K views

Required information [The following information applies to the questions displayed below.] Trey...

Accounting
1.2K views

El proyecto ABC est bajo consideracin. Los flujos de efectivo anuales equivalen a $ 50,000...

Accounting
1.2K views

Information regarding Maxwell's direct labor cost for the month of January follows: Direct labor hourly...

Finance
1.2K views

You just received a windfall of $500,000, but you can't spend it for 10 years....