During 2020, Joan Matel is a resident of Ontario, Canada and has calculated her Taxable Income to be $56,700. Assume that Ontario’s rates are 5.05 percent on Taxable Income up to $48,535 and 9.15 percent on the next $48,534. Calculate her 2020 federal and provincial Tax Payable before consideration of credits, and her average rate of tax.

During 2020, Joan Matel is a resident of Ontario, Canada and has calculated her Taxable Income to be $56,700. Assume that Ontario’s rates are 5.05 percent on Taxable Income up to $48,535 and 9.15 percent on the next $48,534. Calculate her 2020 federal and provincial Tax Payable before consideration of credits, and her average rate of tax.

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter3: Tax Formula And Tax Determination : An Overview Of Property Transactions

Section: Chapter Questions

Problem 49P: During 2019, Inez (a single taxpayer) had the following transactions involving capital assets: a. If...

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