Please help me to solve this. I have solution but do not
know how to solve.
Use the the marginal tax information in the table below to
calculate the after tax monthly income Kelly should expect from her
retirement income. Kelly expects $13,775 annually from CPP, $7,907
annually from OAS, and $118,000 from her RRIF. Assume that her OAS
will be clawed back on any income above $76,000.
|
Simplified Marginal Tax Table |
||||
|
Beginning of range |
|
End of range |
Tax at start of range |
Marginal rate |
|
– |
to |
12,000 |
– |
0% |
|
12,000 |
to |
20,000 |
– |
15% |
|
20,000 |
to |
48,000 |
1,200 |
22% |
|
48,000 |
to |
95,000 |
7,360 |
30% |
|
95,000 |
to |
148,000 |
21,460 |
40% |
|
148,000 |
to |
210,000 |
42,660 |
45% |
|
210,000 |
+ |
above |
70,560 |
50% |
|
