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Income Tax Calculator Consilium - Excel

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Income Tax Calculator Consilium - Excel Powered By Docstoc
					                                                            Consilium Accounting
                                          Accounting & Business Management Solutions




                                 2010 Tax Calculator
The following calculator is to provide you with a basic idea of how much federal and provincial income tax
you should pay. Employment, business, and personal situations vary with each taxpayer and you should
only use this as a guideline. Contact Consilium Accounting for further information and to discuss your
own individual tax profile.



       Select your Taxable Income Range                  $64,883 to $73,698

              Enter your Actual Income                         $65,000



                                                        Marginal     Marginal     Marginal
                                                        Rate on       Rate on      Rate on
                After Tax   Average Tax    Marginal     Capital       Eligible    Ineligible
Tax Payable      Income        Rate        Tax Rate      Gains       Dividends    Dividends

  $13,867        $51,133       21.33%       32.98%       16.49%       10.55%        17.81%

        RRSP Contribution Limit for 2010                       $11,700
          (Does not include any Carryforward)


Additional Comments:

Tax payable only includes the basic federal and provincial personal tax credits and does not include any
other non-refundable tax credits.

Eligible dividends are dividends paid by a Candian Corporation that have been declared as eligible by the
issuing corporation. For eligibility, corporate taxes must have been paid on the amount
               Consilium Accounting Tax Calculator

The following calculator is to provide you with a basic idea of how much federal and provincial income
tax you should pay. Employment, business, and personal situations vary with each taxpayer and you
should only use this as a guideline. Contact Consilium Accounting for further information and to discuss
your own individual tax profile.




Taxable Income Range            Over $126,265

    Actual Income                  $127,058

     Taxation Year                     2010




                                                       Marginal     Marginal     Marginal
                                                       Rate on       Rate on      Rate on
               After Tax Average Tax      Marginal     Capital       Eligible    Ineligible
Tax Payable     Income      Rate          Tax Rate      Gains       Dividends    Dividends

  $36,425      $90,633       28.67%           46.41%     0.00%       23.06%        31.34%

Additional Comments:

Tax payable only includes the basic federal and provincial personal tax credits and does not include any
other non-refundable tax credits.

Eligible dividends are dividends paid by a Candian Corporation that have been declared as eligible by the
issuing corporation. For eligibility, corporate taxes must have been paid on the amount




        2009
        2010

                    Marginal Tax Rates 2009                                                       Marginal Tax
                                                         Small
                Other        Capital       Eligible    Business
               Income         Gains       Dividends    Dividends
Up To
                                                               Up To
$36,848          21.05%     10.53%      -7.71%       3.88%     $37,106
$36,849 to                                                     $37,107 to
$40,726          24.15%     12.08%      -3.21%       7.11%     $40,970
$40,727 to                                                     $40,971 to
$64,882          31.15%     15.58%       6.94%      15.86%     $64,882
$64,883 to                                                     $64,883 to
$73,698          32.98%     16.49%       7.44%      16.86%     $73,698
$73,699 to                                                     $73,699 to
$76,440          35.39%     17.70%      10.94%      19.88%     $76,440
$76,441 to                                                     $76,441 to
$81,452          39.41%     19.70%      12.91%      22.59%     $81,452
$81,453 to                                                     $81,453 to
$126,264         43.41%     21.70%      18.71%      27.59%     $126,264
Over                                                           Over
$126,265         46.41%     23.20%      23.06%      31.34%     $126,265


                            40,726      81,453
                 40,726     81,452      126,264     126,265

                               Federal Tax
Taxable
                                                    $127,058
Income
Less Base
                    0       40,726      81,452      126,264
amount
                 #VALUE!    #VALUE!     #VALUE!      $794
Federal tax
                 15.00%     22.00%      26.00%      29.00%
rate
                 #VALUE!    #VALUE!     #VALUE!      $230
Base Tax           $0        $6,109     $15,069     $26,720
Total Tax        #VALUE!    #VALUE!     #VALUE!     $26,950



                              Provincial Tax
Taxable
                                       $127,058
Income
Less Base
                    0       36,848      73,698
amount
                 #VALUE!    #VALUE!     $53,360
Provincial Tax
                  6.05%      9.15%      11.15%
Rate
                 #VALUE!    #VALUE!     $5,950
Base Tax           $0        $2,229     $5,610
Total Tax        #VALUE!    #VALUE!     $11,560


                             $36,949
                  $36,848    $73,698      $73,699


$136,617.88
ccounting Tax Calculator

  with a basic idea of how much federal and provincial income
 ss, and personal situations vary with each taxpayer and you
act Consilium Accounting for further information and to discuss




al and provincial personal tax credits and does not include any


 Candian Corporation that have been declared as eligible by the
rate taxes must have been paid on the amount




                                                         Marginal Tax Rates 2010
                                                                                        Small
                                                        Other     Capital    Eligible Business
                                                       Income      Gains    Dividends Dividends
20.05%   10.03%    -6.23%    3.16%

24.15%   12.08%    -0.32%    7.90%

31.15%   15.58%    9.76%     16.65%

32.98%   16.49%    10.55%    17.81%

35.39%   17.70%    14.02%    20.82%

39.41%   19.70%    16.49%    23.82%

43.41%   21.70%    22.25%    28.82%

46.41%   23.20%    26.57%    32.57%




            5.05     36848

            9.15     36949     73698
           11.16     73699
o (ON)
Personal Income Tax

Brackets and Rates Before Surtax
2010                                               2009
Taxable                                            Taxable
Income      2010 Tax Rates                         Income     2009 Tax Rates
first                                              first
$37,106                                      5.05% $36,848                                   6.05%
over                                               over
$37,106                                            $36,848
up to                                              up to
$74,214                                      9.15% $73,698                                   9.15%
over                                               over
$74,214                                     11.16% $73,698                                   11.16%
Ontario (ON)
combined federal & provincial tax rates including surtaxes
           2010 Marginal Tax Rates                             2009 Marginal Tax Rates
          Other     Capital    Canadian Dividends             Other    Capital    Canadian
2010      Income Gains         Eligible Small
                               Dividend              2009     Income Gains        Eligible
                                                                                  Dividend
Taxable                        s          Business Taxable
                                          Dividend                                s
Income                                    s          Income
first                                                first
$37,106     20.05% 10.03% -6.23%              3.16% $36,848    21.05%    10.53%    -7.71%
over                                               over
$37,106                                            $36,848
up to                                              up to
$40,970      24.15%     12.08%     -0.32%    7.90% $40,726     24.15%    12.08%    -3.21%
over                                               over
$40,970                                            $40,726
up to                                              up to
$65,345      31.15%     15.58%     9.76%    16.65% $64,882     31.15%    15.58%     6.94%
over                                               over
$65,345                                            $64,882
up to                                              up to
$74,214      32.98%     16.49%     10.55%   17.81% $73,698     32.98%    16.49%     7.44%
over                                               over
$74,214                                            $73,698
up to                                              up to
$76,986      35.39%     17.70%     14.02%   20.82% $76,440     35.39%    17.70%   10.94%
over                                               over
$76,986                                            $76,440
up to                                              up to
$81,941      39.41%     19.70%     16.49%   23.82% $81,452     39.41%    19.70%   12.91%
over                                               over
$81,941                                            $81,452
up to                                              up to
$127,021     43.41%     21.70%     22.25%   28.82% $126,264    43.41%    21.70%   18.71%
over                                                       over
$127,021 46.41% 23.20% 26.57% 32.57% $126,264 46.41% 23.20% 23.06%
Marginal tax rate for dividends is a % of actual dividends received (not grossed-up amount).
ON Surtaxes
                                                     2010                                                2009
ON surtax rate (included in                                ON surtax rate (included in
above rates)                             20%          36% above rates)                          20%
Surtax is on ON tax greater                                Surtax is on ON tax greater
than                                  $4,006       $5,127 than                                $4,257
Person with only basic                                     Person with only basic
personal amount - surtax                                   personal amount - surtax
starts at taxable income of          $65,345 $76,986 starts at taxable income of             $64,882
Note that the 36% surtax is in addition to the 20% surtax, for a total surtax of 56%.
The 2010 surtax thresholds are as per Bill 218, which is subject to legislative approval.
ON Basic Personal Amount
     2010 Tax Rate                                              2009 Tax Rate
   $8,943                                          5.05%      $8,881                                   6.05%
Federal Basic Personal Amount
     2010 Tax Rate                                              2009 Tax Rate
  $10,382                                         15.00% $10,320                                       15.00%
              6.05%




              9.15%

             11.16%


Rates
 Canadian
            Small
            Business
            Dividend
            s

              3.88%




              7.11%




             15.86%




             16.86%




             19.88%




             22.59%




             27.59%
        31.34%
t).

          2009

           36%

         $5,370


        $76,440

oval.


         6.05%


        15.00%

				
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