Hi
Hi Tax Experts
Regarding Alberta tax, I have prepared an xl sheet but not sure how far it is correct, kindly correct me if I am wrong
Weekly Earning $1200
Annual $62400
(NO RRSP, RPP and Union Dues)
Federal Tax 15% of 41544 = 6231.60
Federal Tax 22% of 20856 = 4588.32
Total Federal Tax $10819.92
Tax Credit
Reported on TD1 $10527
CPP $2217.60
EI $786.76
Canada Emp. Cr. $1065
Total $14596.36
Tax Credit 15% $2189.45
Net Federal Tax $8630.47
Province Tax (Alberta)
10% of Annual $6240
Tax Credit
TD1AB $16977
CPP $2217.6
EI $786.76
Total $19981.36
Tax Credit $1998.14
Net tax alberta $4241.86
Total tax $8630.47+$4241.86 = $12872.33
Weekly Tax $247.54
Weekly CPP $42.65
Weekly EI $15.13
Weekly net take home $894.68
Tax Rate = 21%
All tax experts, please share if there are anything missing in my calculation. I am just a rookie in payroll tax.
Thank you
DID you include the personal deductions? I don't think so. So go to Turbo Tax
http://turbotax.intuit.ca/tax-software/index.jsp and run the numbers through for free.
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