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Why is it important to increase the income tax brackets yearly? 2) Based on the...

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Accounting

Why is it important to increase the income tax brackets yearly?

2) Based on the below tables how much Federal and provincial income tax would be payable on income of $175,000 in Ontario?

3) What is the average tax rate on income of $225,000 in British Columbia? 4) What is the marginal tax rate on income on income of $195,000 in Nova Scotia? 5) What is the reason for a Dividend Gross up on Dividends paid by eligible corporation? 6) What is the difference between a refundable tax credit vs non refundable tax credit? 7) Calculate the Age Tax Credit on someone who is 68 years old and has an income of $45,000 a year? 8) At what income level would the Age Tax credit be reduced to $0.00 9) What would the Old Age Security Claw back amount be on someone who had net income of $85,000?

10) If an employee had CPP and EI Deducted from its paystub during the year of $2800 and $700 respectively how much would the employer had also have contributed towards CPP and EI?

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