Use the following information to prepare for the assignment. Use the information to fill out a...

 

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Use the following information to prepare for the assignment. 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 Interest Income RRSP Conribution Professional Dues CPP Contributions El Premiums Public Transit Passes Charitable Donations Tuition Education Amount and Textbooks (4 Months full-time, Column C) OSAP Interest Payment Income Tax Deducted at Source Rent (Ontario Tax Credit) • 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? 23,000 150 1,200 125 965 414 375 140 2,263 490 1,600 4,200 Use the following information to prepare for the assignment. 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 Interest Income RRSP Conribution Professional Dues CPP Contributions El Premiums Public Transit Passes Charitable Donations Tuition Education Amount and Textbooks (4 Months full-time, Column C) OSAP Interest Payment Income Tax Deducted at Source Rent (Ontario Tax Credit) • 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? 23,000 150 1,200 125 965 414 375 140 2,263 490 1,600 4,200

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Form T1 General 2007 Taxable income is 26939 Tax liability is 1594 Sche... View the full answer