Question: Required: Answer the following in the space provided (rounding your final answer to the nearest dollar). I.Ignoring the issue of any tax credits that may

Required:Answer the following in the space provided (rounding your final answer to the nearest dollar).

I.Ignoring the issue of any tax credits that may be available (since tax credits will be studied later), how much federal tax would an individual have to pay in 2020 on $40,000 in taxable income?

II.What would the answer be to I. if the amount were $97,069?

III.Considering only federal taxes, if the same individual had $97,070 in taxable income, what would the marginal tax rate be, and what would the average tax rate be?

IV.What is the combined federal and provincial marginal tax rate for an individual living in BC who has 2020 taxable income of $215,000?

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