How much is income tax?????????

Question

if i make $2400 a month, how much of that goes away?

Answer 1

Hi Mike, I can easily answer your question for you.

I am in Ontario, but I don't know what province you are in, so the calculations below are based on a single Ontario resident 18 years of age or older:

Province of employment Ontario
Federal amount from TD1 Claim Code 1 (Minimum - 8,929.00)
Provincial amount from TD1 Claim Code 1 (Minimum - 8,553.00)

Salary (Monthly)
Gross salary for the pay period 2,400.00
Total EI insurable earnings for the pay period 2,400.00
Taxable salary 2,400.00
Federal tax deductions 220.88
Provincial tax deductions 118.15
Total tax on salary 339.03
Canada Pension Plan deductions 104.36
Employment Insurance deductions 43.20
Requested additional tax deduction 0.00
Total deductions on salary 486.59
Net amount 1,913.41

http://www.cra-arc.gc.ca/eservices/tax/business/pdoc-e.html

I hope this information helps you.

Answer 2

I would guess it will be around 20 per cent will go out in taxes.There is a scale for figuring this out and I don't have any access to it now. Any tax man can tell you what you will owe or you can go on-line and get a free form. You wont be able to send the form in without paying for that service but you will have a very good idea of what you owe. In the US I would still say around 20%.

Answer 3

income tax; a extra flatter,yet by some skill extra modern one. because that is poorer volk like me whom ought to apply the most of regardless of money I make from artwork merely to purchase the necessaries of existence in any case. also because sales taxes have a tendency to get rid of added percentage of income from the poorer contributors of our society than the great-wealthy idlers whom merely stay off their investments made by way of their ancestors 5 generations in the past. not everyone is smart adequate to bypass to school U comprehend!