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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%
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