income_taxes by skm10786

VIEWS: 0 PAGES: 2

									       QUICK & DIRTY TAXes
CALCULATE TOTAL INCOME                                                                                                 Tax at Source
Gross Income (T-slips, Pensions, Interest, etc.etc..)                                             $31,560                 $6,000
Dividends on Canadian Corporations @ gross up of                                         125%        $300                   $0
Capital Gains @                                                                           50%        $400                   $0
Net Professional Income                                                                             ($150)                  $0
------------------ TOTAL INCOME -------------------------------                                   $31,985
CALCULATE TAXABLE INCOME                                                                                                 Total Tax
Pension Contributions, Union Dues, etc.                                                               $25                at Source
--------------------- NET INCOME --------------------------------                                 $31,960                 $6,000
CALCULATE TAX CREDITS                                                                                                      96.6%
Basic Personal Amount                                                                              $7,231              TAX OWING
Other Credits (tuition, EI premiums, etc. etc.)                                                      $123                  $213
---------------------- Total of Above -------------------------------                              $7,354              (pay in April)
percentage of above, at a rate of                                                       17.00%     $1,250              AFTER TAX
Charitable Donations                                                                                 $199               MONTHLY
on first AMOUNT, at a rate of                                                   $250    17.00%        $34                INCOME
balance, at a rate of                                                                   29.00%         $0                 $2,158
-------------------- TOTAL TAX CREDITS ---------------------                                       $1,284
TAX CALCULATION                                                                                                          Marginal
on first AMOUNT, at a rate of                                              $30,004      17.00%     $5,101                Tax Rate
on next AMOUNT, at a rate of                                               $30,004      25.00%       $489                 36.5%
on Income over AMOUNT, at a rate of                                        $60,009      29.00%         $0
---------------- TOTAL FEDERAL TAX ------------------------                                        $5,590              TAX as % of
Previous Tax Credits                                                                               $1,284              Total Income
Dividend Tax Credit, at a rate of                                                       13.30%        $50                 19.4%
---------------- TOTAL TAX CREDITS -------------------------                                       $1,334
BASIC FEDERAL TAX                                                                                  $4,256
Federal Surtax, above AMOUNT, at a rate of                                      $0       3.00%       $128                TOTAL of EXTRAs
Federal Surtax, above AMOUNT, at a rate of                                 $15,500       5.00%         $0                             Extra Tax =
NET FEDERAL TAX                                                                                    $4,383                     after tax Income =
Ontario Percentage of Basic Federal tax, at a rate of                                    43.0%     $1,830                         TOTAL TAX =
Ontario Surtax, above AMOUNT, at rate of                                       $5,500    17.0%         $0    Add EXTRA Income and/or Dividend
Ontario Surtax, above AMOUNT, at rate of                                       $8,000      8.0%        $0    and/or Cap Gains and see the
ONTARIO TAX                                                             less            $0         $1,830    effect of that EXTRA Amount.
 >>>>TOTAL TAX PAYABLE >>>>>>>                                                                     $6,213                      TOTAL Income=
                                                                                                                                Tax on TOTAL=


NOTES:
                    Just fill in numbers within a RED      box.
If you want to see how EXTRA income is taxed, stick a dollar value into H3 or H12 or H21,
depending upon whether the EXTRA income is INTEREST (full tax rate) or DIVIDEND or CAPITAL GAIN.

PLEEZ NOTE: there is absolutely no guarantee that this spreadsheet has no errors.
… that's why I call it QUICK&DIRTY TAXes                              (maybe it's mostly DIRTY)
… and it's free, so I feel confident in offering a money-back guarantee.
                                                                          gummy
                     see NOTES below



                        EXTRAS         Income      Dividend     Cap Gain     Marginal
                        INCOME          $31,660     $31,560       $31,560     $31,660
                          $100            $300         $500         $300         $300
                        Extra Tax         $400         $400         $700         $400
                           $37            ($150)       ($150)       ($150)       ($150)
                       Extra Tax %      $32,085     $32,235       $32,135     $32,085
                          36.5%
                    After Tax Income       $25          $25          $25           $25
                         $2,163         $32,060     $32,210       $32,110     $32,060


                      DIVIDENDS          $7,231       $7,231       $7,231       $7,231
                          $200            $123         $123         $123         $123
                        Extra Tax        $7,354       $7,354       $7,354       $7,354
                           $43           $1,250       $1,250       $1,250       $1,250
                       Extra Tax %        $199         $199         $199         $199
                          21.4%            $34          $34          $34           $34
                    After Tax Income         $0           $0           $0           $0
                         $2,171          $1,284       $1,284       $1,284       $1,284


                      CAP. GAINS         $5,101       $5,101       $5,101       $5,101
                          $300            $514         $552         $527         $514
                        Extra Tax            $0           $0           $0           $0
                           $55           $5,615       $5,652       $5,627       $5,615
                       Extra Tax %       $1,284       $1,284       $1,284       $1,284
                          18.3%            $50          $83          $50           $50
                    After Tax Income     $1,334       $1,367       $1,334       $1,334
                         $2,178          $4,281       $4,285       $4,293       $4,281
                                          $128         $129         $129         $128
                         $134                $0           $0           $0           $0
                        $2,197           $4,409       $4,414       $4,422       $4,409
                        $6,347           $1,841       $1,843       $1,846       $1,841
e and/or Dividend                            $0           $0           $0           $0
                                             $0           $0           $0           $0
                                         $1,841       $1,843       $1,846       $1,841
                       $32,860           $6,250       $6,256       $6,268       $6,250
                        19.3%

								
To top