Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$8,492
Federal tax deduction
- $1,018
Provincial tax deduction
- $301
CPP deduction
- $285
EI deduction
- $134
Total tax
- $1,738
Net pay
* $6,754
Marginal tax rate
30.6%
Average tax rate
20.5%
79.5%
Net pay
20.5%
Total tax
Total tax
Net pay
Summary
If you make $8,492 a year living in the region of Ontario, Canada, you will be taxed $1,738. That means that your net pay will be $6,754 per year, or $563 per month. Your average tax rate is 20.5% and your marginal tax rate is 30.6%. 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 $30.55, hence, your net pay will only increase by $69.45.
Bonus Example
A $1,000 bonus will generate an extra $695 of net incomes. A $5,000 bonus will generate an extra $3,473 of net incomes.
NOTE* Withholding is calculated based on the Ontario 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.