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01-15-2009, 03:19 AM
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#1 | | My homepage has been set to RS
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| income tax question
if i earn $40,000 a year, and im still single, how much is my net income?
im so clueless about taxation...
thx
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01-15-2009, 03:55 AM
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#2 | | WOAH! i think Vtec just kicked in!
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Is there something specific that you are trying to figure out other than net income?
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01-15-2009, 04:55 AM
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#3 | | My homepage has been set to RS
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not really, i just wanna know the amount that i get per year, that's all
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01-15-2009, 05:08 AM
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#4 | | I don't like cheese but I love milk!
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if you salary is $40,000 a year then your net income is obviously $40,000 per year...  (minus any union, professional dues, business expenses if you are self-employed..etc)
Or you are trying to ask how much you are going to have to pay for tax?
If so, calculator here -> http://lsminsurance.ca/calculators/canada/income-tax
in BC..you end up paying about $6000 tax with a $40,000 income and basic deduction
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01-15-2009, 05:15 AM
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#5 | | My homepage has been set to RS
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o ic,
what i meant was that how much do i really get after all the deductions (tax, etc)
thx ferra
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01-15-2009, 05:25 AM
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#6 | | Where's my RS Christmas Lobster?!
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minus approx 33% for tax. I was earning $45K, and they tax me approx 33% on each paycheck.
Last edited by McDick; 01-15-2009 at 05:25 AM.
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01-15-2009, 08:18 AM
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#7 | | I *heart* Revscene.net very Muchie
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| Quote:
Originally Posted by Djiban  o ic,
what i meant was that how much do i really get after all the deductions (tax, etc)
thx ferra | well $40,000 minus $6200 = $33,800
math isn't really that hard
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01-15-2009, 08:25 AM
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#8 | | Willing to sell body for a few minutes on RS
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If you're paid bi-weekly and about the same each cheque just multiply your take home by 24.
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The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa | |
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01-15-2009, 08:46 AM
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#9 | | Even when im right, revscene.net is still right!
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| Quote:
Originally Posted by blkgsr well $40,000 minus $6200 = $33,800
| About right. http://www.cra-arc.gc.ca/esrvc-srvce.../pdoc-eng.html
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V67-GSR
Last edited by v67gsr; 01-15-2009 at 08:47 AM.
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01-15-2009, 10:20 AM
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#10 | | Willing to sell a family member for a few minutes on RS
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| Quote:
Originally Posted by quasi If you're paid bi-weekly and about the same each cheque just multiply your take home by 24. | Wouldnt it be 26 ? cuz there's 2 months for everyone who gets paid bi-weekly that we get paid 3 times in those months
Last edited by hotjoint; 01-15-2009 at 10:20 AM.
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01-15-2009, 02:00 PM
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#11 | | What hasn't Killed me, has made me more tolerant of RS!
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Not sure about in Canada, but it's a lot more complicated in the states - dependants, deductibles (leased cars, education, etc), capital gains/losses, etc...
but i guess these guys ballparked it for ya
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01-15-2009, 02:09 PM
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#12 | | Willing to sell body for a few minutes on RS
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Originally Posted by hotjoint Wouldnt it be 26 ? cuz there's 2 months for everyone who gets paid bi-weekly that we get paid 3 times in those months | You're right. I get paid on the 1st and 15th which isn't bi-weekly. I forgot to account for those extra pay cheques. 
__________________
The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa
Last edited by quasi; 01-15-2009 at 02:09 PM.
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01-15-2009, 05:14 PM
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#13 | | RS.net, helping ugly ppl have sex since 2001
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Sorry to hijack thread as I have a question as well. Tax time is coming and last year I cashed out 2 $1000 (because my money is invested in 2 different funds) from my Mutual Funds Account. I only actually got $900 from each as $100 was labled as "federal tax holding" or some shiet. I know I will have to put this as income but do I put $2000 or $1800?
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GREG ADAMS!! GREG ADAMS!!"
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01-15-2009, 06:05 PM
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#14 | | HELP ME PLS!!!
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| Quote:
Originally Posted by winson604 Sorry to hijack thread as I have a question as well. Tax time is coming and last year I cashed out 2 $1000 (because my money is invested in 2 different funds) from my Mutual Funds Account. I only actually got $900 from each as $100 was labled as "federal tax holding" or some shiet. I know I will have to put this as income but do I put $2000 or $1800? |
the bank will have already given you tax papers, or will send soon. and that info will be used on the taxes.
I'm pretty sure it'll be 2000, and you'll be able to add 200 to the area of tax already deducted. but I'd wait to see the bank form.
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01-15-2009, 06:07 PM
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#15 | | HELP ME PLS!!!
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| Quote:
Originally Posted by McDick minus approx 33% for tax. I was earning $45K, and they tax me approx 33% on each paycheck. | no... probably about 15% avg for income tax on 45k. + cpp and EI.
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01-15-2009, 06:44 PM
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#16 | | what manner of phaggotry is this
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this thread is full of so much misinformation and guesses.
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01-15-2009, 06:50 PM
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#17 | | Willing to sell body for a few minutes on RS
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| Quote:
Originally Posted by johny no... probably about 15% avg for income tax on 45k. + cpp and EI. | According to http://www.taxtips.ca/marginaltaxrates.htm for both Prov. & Federal tax.
20.06% on first $35,716
22.70% on $35,716-$38,832
29.70% from $38,832-$71,433
Plus CP and EI of course.
__________________
The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa
Last edited by quasi; 01-15-2009 at 06:56 PM.
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01-15-2009, 06:54 PM
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#18 | | Willing to sell body for a few minutes on RS
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Originally Posted by RRxtar this thread is full of so much misinformation and guesses. | Inform us all and remove the guess work.
__________________
The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa | |
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01-15-2009, 10:18 PM
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#19 | | My homepage has been set to RS
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For $40,000 salary, you will be taxed 22% federal and 7.98% Provincial.
Therefore you will have a take home, or net income of roughly $40,000 - (40,000 x 29.98%) = $ 28,008 less any cpp, ei, union fees you may have.
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01-15-2009, 10:27 PM
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#20 | | Even when im right, revscene.net is still right!
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| Quote:
Originally Posted by F3 For $40,000 salary, you will be taxed 22% federal and 7.98% Provincial.
Therefore you will have a take home, or net income of roughly $40,000 - (40,000 x 29.98%) = $ 28,008 less any cpp, ei, union fees you may have. | Wrong. Check CRA site before post.
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V67-GSR
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01-15-2009, 10:31 PM
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#21 | | Even when im right, revscene.net is still right!
Join Date: Feb 2003 Location: Vancouver
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| Quote:
Originally Posted by winson604 Sorry to hijack thread as I have a question as well. Tax time is coming and last year I cashed out 2 $1000 (because my money is invested in 2 different funds) from my Mutual Funds Account. I only actually got $900 from each as $100 was labled as "federal tax holding" or some shiet. I know I will have to put this as income but do I put $2000 or $1800? |
your T4RSP should read 2000 withdrawal and 200 withholding tax paid.
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V67-GSR
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01-15-2009, 10:44 PM
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#22 | | what manner of phaggotry is this
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Originally Posted by quasi Inform us all and remove the guess work. | your post above that one was the only one that had any substance to it.
i never said i had the answers, i was just making sure everyone didnt believe every random guess they read on the internet.
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01-15-2009, 10:51 PM
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#23 | | My homepage has been set to RS
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Originally Posted by v67gsr Wrong. Check CRA site before post. |  meh
the ITA says 7.98%, CRA has provincial tax listed at 7.7%
but my calculations were off.
it's suppose to be
$40,000 - ($37,885 x 15%) - (2,115 x 22%) - (35,016 x 5.24%) - (4,984 x 7.7%) = ~$31,633.34 of net income less any cpp, ei, etc...
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01-16-2009, 08:03 AM
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#24 | | My homepage has been set to RS
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so basically i get roughly around $30,000 after all the deductions?
Last edited by Djiban; 01-16-2009 at 08:04 AM.
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01-16-2009, 08:52 AM
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#25 | | I don't like cheese but I love milk!
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| Quote:
Originally Posted by F3 meh
the ITA says 7.98%, CRA has provincial tax listed at 7.7%
but my calculations were off.
it's suppose to be
$40,000 - ($37,885 x 15%) - (2,115 x 22%) - (35,016 x 5.24%) - (4,984 x 7.7%) = ~$31,633.34 of net income less any cpp, ei, etc... | No, you are wrong. Quote: |
so basically i get roughly around $30,000 after all the deductions?
| You should get around $33,000K after tax.
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