minimum tax is calculated as a percentage of your federal minimum tax and is currently 33.7%. This page provides detail of the Federal Tax Tables for 2020, has links to historic Federal Tax Tables which are used within the 2020 Federal Tax Calculator and has supporting links to each set of state tax tables for 2020. If you're subject to minimum tax under the federal Income Tax Act, you're also subject to B.C. Personal income tax brackets and rates - 2022 tax year Taxable Income - 2022 Brackets For example, if your taxable income is more than $45,654, the first $45,654 of taxable income is taxed at 5.06%, the next $45,656 of taxable income is taxed at 7.70%, the next $13,525 of taxable income is taxed at 10.50%, the next $22,464 of taxable income is taxed at 12.29%, the next $45,303 of taxable income is taxed at 14.70%, the next $68,114 is taxed at 16.80%, and any income above $240,716 is taxed at 20.50%. Tax tables are adjusted each year for inflation. Tax rates are applied on a cumulative basis. Tax tables are used to calculate the tax you owe based on your filing status and taxable income. Personal income tax brackets and rates - 2023 tax year Taxable Income - 2023 Brackets NAT 1005-10.2020 For payments made on or after 13 October 2020 Includes the tax offset ready reckoner on page 9. For the 2023 tax year, the tax brackets were increased from the previous year by a BC CPI rate of 6.0%.
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