| Title: | True North Strong & Free |
| Notice: | Introduction in Note 535, For Sale/Wanted in 524 |
| Moderator: | POLAR::RICHARDSON |
| Created: | Fri Jun 19 1987 |
| Last Modified: | Fri Jun 06 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1040 |
| Total number of notes: | 13668 |
Could someone provide some help on this ....
Assuming a salary of CAN $55,000.00 (Vancouver)
how do I compute federal and provincial taxes ?
What would the social security (equivalent in Canada) be ?
Tax rate - $ 0.00 - 28,000.00 -- 17%
$28,000.00 - 56,000.00 -- 26%
Exemptions:
Personal : $5100.00
Spouse : $6100.00
Child : $ 399.00
BC Tax rate is 52% of Federal.
Thanks ....
- Srini
| T.R | Title | User | Personal Name | Date | Lines |
|---|---|---|---|---|---|
| 452.1 | From memory ... | CGOA01::OWONG | SKIWI in Canada (VAO) | Wed Jun 05 1991 02:03 | 12 |
Gross pay = 55000 - RRSP contributions - (proportions of donations,
education fees, union fees etc) + (income from other sources
interest, shares etc)
Federal tax = 17% * 28000 + (26% * gross pay-28000)
Provincial tax = 52% * Federal Tax
Surtax = 5% * Federal Tax
Add each of the above tax amounts and subtract the amounts for self,
spouse and children as appropriate.
Result is your total tax for the year.
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