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1 Use your previous year's federal tax return as a check to make sure you include all the income and deductions you expect to take on your current year's tax return. 2  You should also look at the total tax you paid if you are going to base your estimated tax payments on 100 or 110 percent of your previous year's taxes.xample: You calculate that you need to pay $10,000 in estimated taxes throughout the year, and you don't make your first payment until June 15 (when the second estimate is due), so your first payment will be $5,000. Your September payment and your January payment will be $2,500 each.
2014 Federal tax rates. Those are used to determine how much income tax you have to pay the CRA on your taxable income. 1  15% on the first $43,953 of taxable income. 2  22% on the next $43,954 of taxable income (over $43,953 up to $87,907), +.3  26% on the next $48,363 of taxable income (over $87,907 up to $136,270), +.014 Federal tax rates. Those are used to determine how much income tax you have to pay the CRA on your taxable income. 1  15% on the first $43,953 of taxable income. 2  22% on the next $43,954 of taxable income (over $43,953 up to $87,907), +. 3  26% on the next $48,363 of taxable income (over $87,907 up to $136,270), +.