$40k income, how much tax?
Answer:
you have asked a fairly simple question. here is the answer.
as for complicated, here are a few scenarios.
1) 40k straight income could demand $7571 tax (assuming ontario provincial rate) OR
2) 40k from employment T4 = $6933 tax OR
3) 40k from dividends (grossed-up 25% as required) = 1,604 only OR
4) 40k from self-employed income = 10,223 owing OR
5) 40k = 431.60 with a good tax shelter (the 431.60 is the Ontario Health Premium only as income tax would be $0.00)
as you can see, it was not really a simple question. that is why you should find an expert (not H&R block) that won't rip you off (that lets out chartered accountants as well) GOOD LUCK
It depends on which state you would be living and working in. A lot of states have state income taxes on top of the federal taxes. Also, it would depend on if you are married or single and if you are claiming any dependents and how many.
This should let you figure it out .
Quebec has an additional tax.
http://www.taxtips.ca/fedtax.htm.
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