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Homework answers / question archive / Consider the following hypothetical personal income tax rates and brackets: Federal tax: $0
Consider the following hypothetical personal income tax rates and brackets: Federal tax: $0.01 to $50,000: 15% $50,000.01 to $100,000: 24% $100,000.01 and over: 30% Provincial tax: $0.01 to $40,000: 5% $40,000.01 to $80,000: 8% $80,000.01 to $120,000: 12% $120,000.01 and over: 15% Lijun earns $70,000 a year. She claims $10,000 a year in child care expenses. How much tax does she save each year by claiming her child care expenses? Show your work
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