Question

During 2019, Izay Cortina is a resident of Ontario and has calculated her Taxable Income to...

During 2019, Izay Cortina is a resident of Ontario and has calculated her Taxable Income to be $56,700. Assume that Ontario’s rates are 5.05 percent on Taxable Income up to $47,630 and 9.15 percent on the next $47,629. Calculate her 2019 federal and provincial Tax Payable before consideration of credits, and her average rate of tax.

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Answer #1

Federal Tax

Federal Tax Rates

  • 15% on the first $47,630 of taxable income, plus
  • 20.5% on the next $47,629 of taxable income

Calculation

On first $ 47,630= $ 47,630 X 15 % = $ 7,144.5

On Balance Income = (56,700 - 47,630) x 20.5%=$ 1859.35

Total Federal Tax = $ 9,003.85

Provincial Tax Calculation

On first $ 47,630= $ 47,630 X 5.05 % = $ 2,405.315

On Balance Income = (56,700 - 47,630) x 9.15%= $ 829.905

Total Provincial Tax = $ 3,235.22

Total Tax = Total Federal Tax + Total Provincial Tax

= $ 12,239.07

Average Tax = Total Tax

    Total Income

Average Tax = 21.59 %

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