2006-12-19 03:59:51 · 9 answers · asked by Carmen D 1 in Business & Finance ➔ Taxes ➔ Canada
pay on 18000, i guess it depends on what type of income is it?
18000 in Capital Gain? then only 50% is taxable on your marginal tax rate(MTR).
18000 in Dividend? then only about 66% is taxable on your MTR.
18000 in Interest Income? Then 100% of it is taxable on your MTR.
2006-12-22 01:16:43 · answer #1 · answered by davidkwankwokfai 3 · 0⤊ 0⤋
Tax On 18000
2016-10-02 06:08:10 · answer #2 · answered by hachenburg 3 · 0⤊ 0⤋
If you are in Canada, the base federal tax is $2700 (based on 2005 numbers). This amount will be lowered by non-refundable tax credits relevant to your situation - ie students can deduct tuition fees, if you are single and have dependants you can deduct the amount for dependants, etc... In addition to this, you will also pay a provincial tax. Calculation differs for each province. If you are lucky to live in Alberta, you pay a flat rate of 10% so $1800. And again, you deduct certain non-refundable tax credits. So the answer to your question isn't that simple as it really depends on which province you live and your life situation (ie student, single mother with young kids, disabled, etc...). For further info, check out the CRA website: http://www.cra-arc.gc.ca/menu-e.html
Good luck!
2006-12-20 11:55:24 · answer #3 · answered by euclidjr 2 · 0⤊ 0⤋
an average estimate would be 30% if that was income tax. state and federal income tax for a single person is on average 30%, so $6000. if $18000 came in the form of a gift, such as a bonus or scholarship, now your talking 40% tax.... it sucks.
2006-12-19 04:47:30 · answer #4 · answered by nadine 2 · 0⤊ 0⤋
It depends on your total income for the year,if this is it you will pay about 10% fed and 4 to 5% state if you live in NY. And it also depends on how many dependents you claim. You might get a tax credit.
2006-12-19 04:05:44 · answer #5 · answered by ? 6 · 0⤊ 0⤋
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For 2008 married filing joint was 10900 deduction. The personal exemption was 3500 per person. Add those together and you get 17900. So the first 17900 is not taxed. The numbers are slightly higher for 2009 taxes. After that, the first 11900 or so is taxed at 10%. I dont know what other deductions you have.
2016-04-03 06:26:31 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Canadian Tax - depends on your province
Examples - Ontario would be approx $2900 and New Brunswick is approx $3200
PLUS CPP & EI if applicable CPP could be up to $1400 if this is self employed income and $700 if you are employed and your employer pays the employer CPP.
These calculations are based on the assumption that this is your only income for the year.
2006-12-19 07:14:04 · answer #7 · answered by Care Bear 1 · 1⤊ 0⤋
It also depends on where you got the money? Did you win it? Earn it? Was it a gift? Did someone die? Did you take it out of retirement account? These things need to be considered before a logical answer can be given. It also depends on your tax bracket.
2006-12-19 04:09:48 · answer #8 · answered by That 70's girl 4 · 0⤊ 0⤋
You won't owe any Federal income tax at that income level. You'll pay 7.65% in FICA taxes (about $1,377 total for the year) and maybe a bit in state income tax.
2016-03-29 00:20:23 · answer #9 · answered by Anonymous · 0⤊ 0⤋