Income Tax Calculator Ontario 2015
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Reviewed by Calculator Editorial Team
Use this Ontario income tax calculator to estimate your 2015 tax liability. The calculator applies the 2015 Ontario tax rates and provides a breakdown of your taxable income and deductions.
How to Use This Calculator
To calculate your Ontario income tax for 2015:
- Enter your total taxable income for the year.
- Select your filing status (Single, Married, or Other).
- Click "Calculate" to see your estimated tax liability.
The calculator will display your total tax owed, the tax rate applied, and a breakdown of how the tax was calculated.
Formula Used
The Ontario income tax is calculated using progressive tax brackets. The formula is:
Tax = Sum of (Taxable Income × Rate for each Bracket)
Where the taxable income is calculated as:
Taxable Income = Total Income - Deductions
The calculator uses the 2015 Ontario tax brackets, which are shown in the next section.
Ontario Tax Brackets 2015
The 2015 Ontario tax brackets are as follows:
| Taxable Income | Tax Rate |
|---|---|
| $0 - $41,908 | 20.05% |
| $41,909 - $83,817 | 24.18% |
| $83,818 - $104,275 | 26.12% |
| $104,276 - $208,551 | 29.17% |
| Over $208,551 | 33.30% |
Note: These rates are for Ontario residents only. Federal tax is not included in this calculation.
Worked Example
Let's calculate the tax for a single Ontario resident with a taxable income of $60,000.
- The first $41,908 is taxed at 20.05%: $41,908 × 0.2005 = $8,461.94
- The next $18,092 ($60,000 - $41,908) is taxed at 24.18%: $18,092 × 0.2418 = $4,388.24
- Total tax = $8,461.94 + $4,388.24 = $12,850.18
Using the calculator with these inputs would show $12,850.18 as the estimated tax liability.
Frequently Asked Questions
- What is the Ontario tax rate for 2015?
- The Ontario tax rates for 2015 range from 20.05% to 33.30%, depending on your taxable income. See the tax brackets table for details.
- Is this calculator accurate for my situation?
- This calculator provides an estimate based on the 2015 Ontario tax brackets. For exact tax calculations, consult a tax professional or use official government tax software.
- Does this calculator include federal tax?
- No, this calculator only calculates Ontario provincial tax. Federal tax is not included in these calculations.
- What if I have deductions or credits?
- The calculator assumes no deductions or credits. For a more accurate estimate, subtract your deductions from your total income before entering it into the calculator.
- Where can I find official 2015 tax information?
- For official 2015 tax information, visit the Canada Revenue Agency website.