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:
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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