Created: Jan 30, 2010 10:00 AM
Total income to be taxed $104,7031st tier $0 - $25,000 $0 0%2nd tier $25,001 - $40,000 $1,500 10%3rd tier $40,001 - $60,000 $4,000 20%4th tier $60,001 - $90,000 $8,700 29%5th tier $90,001 onward $5,881 40%
George Smith
Age 55
Tax year 2010
Income Wages $70,000
Interest $807
Dividends $7,800
Annuity $9,870
Rental income $25,200
Less property tax ($2,572)
Property insurance ($3,620)
Property maintenance ($2,782)
Total income to be taxed $104,703
Tax calculations Tax rate
1st tier $0 - $25,000 $0 0%
2nd tier $25,001 - $40,000 $1,500 10%
3rd tier $40,001 - $60,000 $4,000 20%
4th tier $60,001 - $90,000 $8,700 29%
5th tier $90,001 onward $5,881 40%
Total annual tax burden $20,080
