Certified Financial Planner (CFP) Practice Exam · Question
Sarah has a taxable income of $75,000. Her federal marginal tax rate is 20.5% and her provincial marginal tax rate is 9.15%. What is Sarah's combined marginal tax rate?
The combined marginal tax rate is the sum of the federal marginal tax rate and the provincial marginal tax rate. For Sarah, this is 20.5% + 9.15% = 29.65%.
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Question: Sarah has a taxable income of $75,000. Her federal marginal tax rate is 20.5% and her provincial marginal tax rate is 9.15%. What is Sarah's combined marginal tax rate?
Answer options: ✅ 29.65%
- 28.00%
- 26.50%
- 30.15%
Correct answer: 29.65%
Explanation: The combined marginal tax rate is the sum of the federal marginal tax rate and the provincial marginal tax rate. For Sarah, this is 20.5% + 9.15% = 29.65%.
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