Question
Use the information to fill out a 2007 income tax form - federal and provincial (Ontario). Mitchell is single, lives in a rented apartment. He
Use the information to fill out a 2007 income tax form - federal and provincial (Ontario).
Mitchell is single, lives in a rented apartment. He has recently graduated from university and is currently employed as an insurance agent. The following is the information that he needs to complete his 2007 income tax form:
| Employment Income | 24,000 |
| Interest Income | 160 |
| RRSP Conribution | 1,300 |
| Professional Dues | 130 |
| CPP Contributions | 966 |
| EI Premiums | 614 |
| Public Transit Passes | 375 |
| Charitable Donations | 140 |
| Tuition | 2,263 |
| Education Amount and Textbooks (4 Months full-time, Column C) | |
| OSAP Interest Payment | 490 |
| Income Tax Deducted at Source | 1,600 |
| Rent (Ontario Tax Credit) | 4,200 |
- Make sure you include line 363 on schedule 1
- What is Mitchell's federal marginal tax rate?
- What is his combined marginal tax rate?
- What is his average tax rate?
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
