| A | B | C | D | E | F | G | H | I | |
|---|---|---|---|---|---|---|---|---|---|
1 | Worksheet: Calculate Gross salary necessary to yield a particular take-home salary | ||||||||
2 | Load payroll deductions online calculator in browser window | http://www.cra-arc.gc.ca/esrvc-srvce/tx/bsnss/pdoc-eng.html | |||||||
3 | For explanation see my blog | ||||||||
4 | (deductions from PDOC) | ||||||||
5 | Target | Gross Salary | RRSP Cont | Deductions | Total Deduct | Net Salary | Difference | Fprime | New Guess |
6 | $3,000.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||
7 | $3,000.00 | $0.00 | $552.00 | $552.00 | $2,448.00 | ($552.00) | 0.82 | $3,676.47 | |
8 | $3,676.47 | $0.00 | $749.50 | $749.50 | $2,926.97 | ($73.03) | 0.71 | $3,779.61 | |
9 | $3,779.61 | $0.00 | $786.34 | $786.34 | $2,993.27 | ($6.73) | 0.64 | $3,790.08 | |
10 | $3,790.08 | $0.00 | $790.07 | $790.07 | $3,000.01 | $0.01 | 0.64 | $3,790.07 | |
11 | $3,790.07 | $0.00 | $790.07 | $790.07 | $3,000.00 | ($0.00) | 1.00 | $3,790.07 | |
12 | |||||||||
13 | |||||||||
14 | Monthly | Annual | CPP: Pensionable Earnings (2013) | ||||||
15 | Gross | $3,790.07 | $45,480.84 | http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/t4032/2013/t4032mb-gnrlnf-eng.html#_Toc337712808 | |||||
16 | |||||||||
17 | RRSP | $0.00 | $0.00 | Max Pensionable Earnings | $51,100.00 | ||||
18 | CPP | $173.17 | $2,078.04 | Basic Exemption | $3,500.00 | ||||
19 | EI | $0.00 | $0.00 | Max Contributory Earnings | $47,600.00 | ||||
20 | Federal | $401.82 | $4,821.84 | Contribution Rate | 4.95% | ||||
21 | Provincial | $215.08 | $2,580.96 | Max Annual Contribution | $2,356.20 | ||||
22 | Total Deductions | $790.07 | $9,480.84 | Max Monthly Contribution | $196.35 | ||||
23 | |||||||||
24 | Net Pay | $3,000.00 | $36,000.00 | ||||||
25 | |||||||||
26 | Payroll Tax Pmt | Total & Marginal Tax Rate | |||||||
27 | CPP | $173.17 | |||||||
28 | Employer CPP | $173.17 | Salary | Salary + $1 | |||||
29 | EI | $0.00 | Gross | $3,790.07 | $3,791.07 | Effective Tax Rate | 20.8% | ||
30 | Employer EI | $0.00 | |||||||
31 | Taxes | $616.90 | RRSP | $0.00 | $0.00 | Marginal Tax Rates | |||
32 | CPP | $173.17 | 173.22 | CPP | 5% | ||||
33 | Total Pmt | $963.24 | EI | $0.00 | $0.00 | EI | 0% | ||
34 | Federal | $401.82 | 402.03 | Federal | 21% | ||||
35 | Salary Expense | $3,963.24 | $47,558.88 | Provincial | $215.08 | 215.18 | Provincial | 10% | |
36 | Total Deductions | $790.07 | $790.43 | Overall | 36% | ||||
37 | |||||||||
38 | Net Pay | $3,000.00 | $3,000.64 | ||||||