Question
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
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 | 23,000 |
| Interest Income | 150 |
| RRSP Contribution | 1,200 |
| Professional Dues | 125 |
| CPP Contributions | 965 |
| EI Premiums | 414 |
| 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 |
Answer for Line 150, 233 and 260
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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Cornerstones of Financial and Managerial Accounting
Authors: Rich Jones, Mowen, Hansen, Heitger
1st Edition
9780538751292, 324787359, 538751290, 978-0324787351
