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During 2020, John Martin is a resident of Ontario and has calculated his taxable income to...

During 2020, John Martin is a resident of Ontario and has calculated his taxable income to be $66600. Assume that Ontario's rates are 5.05% on Taxable income up to $48,535 and 9.15% on the next $48,534. Calculate his 2020 federal and provincial tax payable without consideration of any tax credits.

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Answer #1

without anuy tax credit john martin tax payable are:

Federal tax

For first $ 48,535 * 15/100 = $ 7280.25

For next = $ ( 66600 - 48535) = $ 18,065

tax for more than $ 48,535 is @ 20.5% = 18,065 * 20.5 / 100 = $ 3,703.325

Total tax payable federal = $ (7,280.25 + 3,703.325) = $ 10,983.575

Provisional Tax

For first $ 48,535 * 5.05 / 100 = $ 2,451.0175

For another above $ 48,535 i.e $ 18,065 = 18,065 * 9.15 / 100 = $ 1652.9475

Total provisional tax = $ (2,451.0175 + 1,652.9475) = $ 4,103.965

total tax payable federal and provisional without tax credits = $ (10,983.575 + 41036.965) = $ 15,087.54

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