Depends on where you live in the province (you pay federal flat tax (flat referring to the fact that all provinces pay the same tax, not that it's a set value for all income brackets), and a provincial tax), and these %ages change yearly.
Federal tax rates for 2007 are:
15.5% on the first $37,178 of taxable income
So you'd pay 15.5% in federal since $36,000 is below the $37,178... plus provincial taxes:
Assuming Ontario:
6.05% on the first $35,488 of taxable income, +
9.15% on the next $35,488, +
You pay 6.05% on the first 35,488, then you take 36,000 minus 35,488 which equals $512, and you pay 9.15% interest on $512.
Check out:
http://www.cra-arc.gc.ca/tax/individuals/faq/taxrates-e.html
2007-03-01 10:47:25
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answer #1
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answered by Fabulously Broke in the City 5
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