Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$24,012
Federal tax deduction
- $3,176
Provincial tax deduction
- $735
CPP deduction
- $1,169
EI deduction
- $379
Total tax
- $5,460
Net pay
* $18,552
Marginal tax rate
28.1%
Average tax rate
22.7%
77.3%
Net pay
22.7%
Total tax
Total tax
Net pay
Summary
If you make $24,012 a year living in the region of British Columbia, Canada, you will be taxed $5,460. That means that your net pay will be $18,552 per year, or $1,546 per month. Your average tax rate is 22.7% and your marginal tax rate is 28.1%. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of $100 in your salary will be taxed $28.11, hence, your net pay will only increase by $71.89.
Bonus Example
A $1,000 bonus will generate an extra $719 of net incomes. A $5,000 bonus will generate an extra $3,595 of net incomes.
NOTE* Withholding is calculated based on the British Columbia tables of Canada, income tax. For simplification purposes some variables (such as marital status and others) have been assumed. This document does not represent legal authority and shall be used for approximation purposes only.