How much will my net income be if i make 250,000 per year?

Question

Im doing a project and i need to find out how much they will take away for tax. I'm too lazy to figure it out. Help??

Answer 1

Hi tootifruitiapple, if you are in Canada, single with no dependants, and currently residing in the Province of Ontario, here are the calculations on your annual salary of $250,000.00:

GROSS ANNUAL SALARY = $250,000.00
CPP DEDUCTIONS = $1,989.90
EI DEDUCTIONS = $720.00
FEDERAL TAX DEDUCTIONS = $61,523.74
PROVINCIAL TAX DEDUCTIONS = $36,737.27

NET PAY $149,029.09

The maximum CPP pensionable earnings for 2007 is $43,700.00, the first $3,500.00 is exempt, and the rate is 4.95% to a maximum of $1,989.90.

The maximum EI insurable earnings for 2007 is $40,000.00 and the rate is 1.80% to a maximum of $720.00.

The federal basic personal exemption for 2007 is $8,929.00.

The basic personal exemption for 2007 in Ontario is $8,553.00.

Federal tax rates for 2007 are:

15.5% on the first $37,178 of taxable income, +
22% on the next $37,179 of taxable income (on the portion of taxable income between $37,178 and $74,357), +
26% on the next $46,530 of taxable income (on the portion of taxable income between $74,357 and $120,887), +
29% of taxable income over $120,887.

Provincial tax rates for Ontario are:
6.05% on the first $35,488 of taxable income, +
9.15% on the next $35,488, +
11.16% on the amount over $70,976

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

Oh, just curious, what type of project are you doing? If this pertains to homework, it should have been posted in the yahoo section:

Home>Education & Reference>Homework Help

I hope this information helps you.

Answer 2

The tax rate fluctuates as you make more money. At $250,000 annually, you will have reached the 33% tax rate. Here is the tax table for 2007:
Net Income Tax rate
0-7825 = 10% tax
7825 to 31,850 = 782.50 + 15% over 7,825
31,850 to 77,100 = 4,386.25 + 25% over 31,850
77,100 to 160,850 = 15,698.75 plus 28% over 77,100
160,850 to 349,700 = 39,148.75 + 33 % over 160,850
Your tax is 39,148.75 (base for tax at 160,850)
+ 0.33 x $89,150= $29,419.5 (33% times salary over 160,850)
Total Federal Tax = 39,148.785 + 29,419.50=$68,568.25 (overall tax rate = 27.427%)
You can build a very simple spreadsheet that will calculate this out.

Answer 3

expensive buddy. you ought to have counseled about your cheap charges united states80C. you ought to comprehend that it would want to ward off as a lot as Rs. a million lac hostile on your gross income. If i assume that you've invested Rs. a million lacs united states80C than your tax criminal duty will be Rs. 15,000 + surcharge @ 2% (if you're to document go back for the commercial 12 months 2006-2007). bye.

Answer 4

if you are single and have no children, your tax brasket should be around 20-28% of your income.
darn, you make good money.

Answer 5

Figure about 25% for taxes that will be taken out of your paycheck each time you're paid.

Answer 6

http://www.paycheckcity.com

If you're too lazy to figure it out, you're not worth paying to do whatever the job is.

Answer 7

depends on how much deductions you have.

Answer 8

2,500.00 a week