Individual tax calculation in Ontario (2018): If an Ontarian has a taxable income of $152,000, what...

Individual tax calculation in Ontario (2018): If an Ontarian has a taxable income of $152,000, what will be the:

Total taxes payable

Average tax rate

Marginal tax rate

Expert Solution


Tax Bracket	Tax Rate	Tax Amount	Calculation
Tax upto income of $10,353	$0	$0
Tax for income bracket$10354-$11809	5.05%	$74	(11809-10353)*0.0505
Tax for income bracket$11810-$42960	20.05%	$ 6,246	(42960-11809)*0.2005
Tax for income bracket$42961-$46605	24.15%	$ 880	(46605-42960)*0.2415
Tax for income bracket$46606-$75657	29.65%	$ 8,614	(75657-46605)*0.2965
Tax for income bracket$75658-$85923	31.48%	$ 3,232	(85923-75657)*0.3148
Tax for income bracket$85924-$89131	33.89%	$ 1,087	(89131-85923)*0.3389
Tax for income bracket$89132-$93208	37.91%	$ 1,546	(93208-89131)*0.3791
Tax for income bracket$93209-144489	43.41%	$ 22,261	(144489-93208)*0.4341
Tax for income bracket$144490-$150000	46.41%	$ 2,558	(150000-144489)*0.4641
Tax for income between$150001-$152000	47.97%	$ 959	(152000-150000)*0.4797
	TOTAL	$47,456

TotalTax Payable	$47,456
Average Tax Rate	0.3122	(47456/152000)
Average Tax Rate in percentage	31.22%
MarginalTax Rate	47.97%	(Tax Rate on additional (marginal)dollar income)

ekkarill92 answered 1 year ago

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