Answer :

SaniShahbaz

Answer:

If you are living in Ontario, Canada,  the total tax you owe in federal tax will be $3,910 if you made $42,000 in the calendar year, and you net income will be $38090, provided that there are no other taxes apart from $3,910.

Step-by-step explanation:

If you are living in Ontario, Canada, following are the highlights of income and tax summary.

Income made = $42,000

Federal tax deduction = $3,910

If there are no other tax deductions, then the total tax you owe in federal tax will be $3,910.

And you net income would be calculated as:

[tex]42,000 - 3,910=38090[/tex]

So, you net income would be $38090, if you made $42,000 after the deduction of the tax ($3,910) you owe in federal taxes, provided that there are no other taxes apart from $3,910.

Keywords: federal tax, income

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Cricetus

The tax due will be "$3,354.50".

According to the question,

  • Gross income = $42000
  • Standard deduction = $12400

Taxable income will be:

= [tex]42000-12400[/tex]

= [tex]29600[/tex] ($)

Now,

The tax on $29600:

→ 0 to $9875 at 10% = 987.50

and,

→ $9876 to $29600 at 12% = 2,367.00

hence,

The tax due will be:

= [tex]987.50+2367.00[/tex]

= [tex]3,354.50[/tex] ($)

Thus the above response is right.

Learn more about taxes here:

https://brainly.com/question/20117554

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