Salary rate
Annual
Month
Biweekly
Weekly
Day
Hour
Withholding
Salary
$42,700
Federal tax deduction
- $5,776
Provincial tax deduction
- $1,592
CPP deduction
- $2,234
EI deduction
- $675
Total tax
- $10,276
Net pay
* $32,424
Marginal tax rate
24.9%
Average tax rate
24.1%
75.9%
Net pay
24.1%
Total tax
Total tax
Net pay
Summary
If you make $42,700 a year living in the region of Nunavut, Canada, you will be taxed $10,276. That means that your net pay will be $32,424 per year, or $2,702 per month. Your average tax rate is 24.1% and your marginal tax rate is 24.9%. 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 $24.90, hence, your net pay will only increase by $75.10.
Bonus Example
A $1,000 bonus will generate an extra $751 of net incomes. A $5,000 bonus will generate an extra $3,755 of net incomes.
NOTE* Withholding is calculated based on the Nunavut 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.