Tax Return Calculator 2015 Ontario

How to Use This Calculator

To use the tax return calculator, follow these simple steps:

1. Enter your total taxable income for the 2015 tax year.
2. Enter any applicable deductions or credits.
3. Click the "Calculate" button to see your estimated refund.

The calculator will show you the estimated tax owed and your potential refund amount. Remember that this is an estimate and your actual tax return may vary based on specific circumstances.

Formula Used

The tax return calculation follows these basic steps:

The tax rate is determined based on your taxable income using the 2015 Ontario tax tables. The calculator uses progressive tax brackets to calculate the tax owed.

Worked Example

Let's look at an example to see how the calculator works. Suppose you have the following details for the 2015 tax year:

• Total Income: $50,000
• Deductions: $8,000
• Credits: $1,200

Using the formula:

1. Taxable Income = $50,000 - $8,000 = $42,000
2. Tax Owed = $42,000 × 20% (2015 Ontario tax rate for $42,000) = $8,400
3. Refund = $1,200 - $8,400 = -$7,200 (You would owe $7,200 in taxes)

In this example, you would owe $7,200 in taxes and not receive a refund. The actual amount may vary based on your specific situation.