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    The document calculates federal tax payable for an individual with an annual taxable income of $28,554.24. It multiplies the income by the 15% federal tax rate and subtracts the federal constant to get the federal tax amount. It then lists federal tax credits for CPP contributions, EI premiums, and other credits that total $14,250. Applying a 15% rate to the credits gives a total federal tax credit amount of $2,137.50, which when subtracted from the federal tax amount results in total federal tax payable of $2,145.64.

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    The document calculates federal tax payable for an individual with an annual taxable income of $28,554.24. It multiplies the income by the 15% federal tax rate and subtracts the federal constant to get the federal tax amount. It then lists federal tax credits for CPP contributions, EI premiums, and other credits that total $14,250. Applying a 15% rate to the credits gives a total federal tax credit amount of $2,137.50, which when subtracted from the federal tax amount results in total federal tax payable of $2,145.64.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    13 views1 page

    Federal Tax

    Uploaded by

    api-279913299
    The document calculates federal tax payable for an individual with an annual taxable income of $28,554.24. It multiplies the income by the 15% federal tax rate and subtracts the federal constant to get the federal tax amount. It then lists federal tax credits for CPP contributions, EI premiums, and other credits that total $14,250. Applying a 15% rate to the credits gives a total federal tax credit amount of $2,137.50, which when subtracted from the federal tax amount results in total federal tax payable of $2,145.64.

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    © All Rights Reserved
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    of 1

    6 Annual

    Taxable Income

    $28,554.24

    Calculate Federal Tax


    Description

    Sub-amounts

    7 Multiply the Annual Taxable Income by the federal tax rate based on Chart 1
    8 Minus the federal constant based on the annua taxable income on lin 6 (See Chart 1)
    9 Federal tax (Line 7 - Line 8)
    10 Minus the federal tax credits
    the total of personal tax credit amounts repoted on the federal Form TD1
    the CPP contributions for the pay period multiplied by the number of pay periods
    in the year (annual maximum $2,479.95)
    the EI premiums for the pay period multiplied by the number of pay periods in
    the year (annual maximum $930.60)
    the Canada employment credit (annual maximum $1,146)
    Total
    11 Multiply the total on line 10 by the lowest federal tax rate for the year
    x
    12 Total federal tax credits
    13 Total federal tax payable for the year (line 9 minus line 12)

    Amounts
    0.15
    $4,283.14
    $0.00
    $4,283.14

    11,327.00
    1,240.18
    536.82
    1,146.00
    14,250.00
    15%

    $2,137.50
    $2,145.64

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