Marginal Tax Brackets

[Deividas]

Hi Everyone,

I was using H and R Block to do my taxes and after they filled out my return I'm so confused now.

Canada has Marginal Tax Rates. So for 2023 Federal rate is

Tax rate	Taxable income threshold
15%	on the portion of taxable income that is $53,359 or less, plus
20.5%	on the portion of taxable income over $53,359 up to $106,717, plus
26%	on the portion of taxable income over $106,717 up to $165,430, plus
29%	on the portion of taxable income over $165,430 up to $235,675, plus
33%	on the portion of taxable income over $235,675

This would be on 100k as an example first 53,359 taxed at 15% + the rest of (100k-53,359) taxed at 20.5%

Then similar approach would be for Province taxes

Am i wrong ???

EDIT: It is the correct approach, just Ontario Health Premium has a fixed rate for a whole year.

 

[Copingwithlife]

Hello.

I am trying to confirm how to appropriately calculate the Gross Up for California income tax as we are currently using the Supplemental rate of 6.6% for Life Insurance premiums paid by the employer.

We have a retired former employee that the company is paying the premiums and grossing up the premium payments to be included on the form W2. Since this is not either Bonus or Stock Options, we are using the 6.6% for California, but this has been pushed back that we should be using the Marginal tax rate, or personal income tax rate.

Should we be using the California income tax brackets that go up to 12.3%?

Are you having a medical issue ?

This is a CANADIAN site . Why would you post a question regarding California taxes on a CANADIAN site ?

Seriously. This is turning into Reddit