Income Tax Calculator Alberta
Find out how much your salary is after tax
Salary rate
Withholding
Salary $42,500
EI deduction - $672
CPP deduction - $2,223
Federal tax deduction - $5,748
Provincial tax deduction - $3,961
Total tax - $12,603
Net pay * $29,897
Marginal tax rate 30.5%
Average tax rate 29.7%
29.7%Total tax
70.3%
Net payThe Taxberg
$29,897
Net pay
$3,163
Tax the employer pays
$12,603
Tax you pay
Total tax paid
$15,766
Did you know your employer also pays tax on your salary? It costs the employer $3,163 to pay you $42,500. In other words, every time you spend $10 of your hard-earned money, $3.71 goes to the government.
Real tax rate
34.5%
So, with you and the employer both paying tax, what used to be a 29.7% tax rate now rises to 34.5%, meaning your real tax rate is actually 4.8% higher than what it seemed at first.
People also ask$42,500 yearly is how much per hour?$22 hourly is how much per year?What is the average salary in Canada?
Summary
If you make $42,500 a year living in the region of Alberta, Canada, you will be taxed $12,603. That means that your net pay will be $29,897 per year, or $2,491 per month. Your average tax rate is 29.7% and your marginal tax rate is 30.5%. 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 $30.5, hence, your net pay will only increase by $69.5.
Bonus ExampleA $1,000 bonus will generate an extra $695 of net incomes. A $5,000 bonus will generate an extra $3,475 of net incomes.
| Country | Net pay | Average tax | Rank |
|---|---|---|---|
| Nunavut | CAD 32,274 | 24.1% | 1 |
| British Columbia | CAD 31,828 | 25.1% | 2 |
| Northwest Territories | CAD 31,521 | 25.8% | 3 |
| Nova Scotia | CAD 29,581 | 30.4% | 11 |
| Prince Edward Island | CAD 29,555 | 30.5% | 12 |
| Manitoba | CAD 29,423 | 30.8% | 13 |
NOTE* Withholding is calculated based on the Alberta tables of CA, 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.