- Question 2 The Canada Tax Brackets For 2021 Are Described In The Table Below Taxable Income 49 020 Or Less 49 020 T 1 (231.28 KiB) Viewed 33 times
Question 2: The Canada Tax brackets for 2021 are described in the table below: Taxable Income $ 49,020 or less $49,020 to $98,040 $ 98,040 to $151, 978 $151,978 to $216,511 More than $216,511 Tax rate 15% 20.5% 26% 29% 33% Write a Java program to help people calculate their total tax payable and the average tax rate. The total tax payable is calculated as per the table above and the average tax rate is calculated as the Total Taxes paid / Taxable income For example, if the taxable income is $50,000 then the tax will be as follows: $7,353.00 which is the 15% on the amount up to $49,020 $200.90 which is the 20.5% on the amount between $49,020 to $98,040. Total tax payable: $7,553.90. Average tax rate = Total taxes paid / Total taxable income =7553.90/50000 = 0.151= 15.10 % A sample out of the code is as follows: Welcome to the tax calculator program Enter your taxable income: 150000 Pay 15.0% on the amount $49020.0 or $7353.00 Pay 20.5% on the amount $49020.0 or $10049.10 Pay 26.0% on the amount $51960.0 or $13509.60 The tax amount is: $30911.70 The average tax rate is: 20.61%