Summary
If you make <b>$118,000</b> a year living in the region of <b>Ontario</b>, <b>Canada</b>, you will be taxed <b> $37,778</b>. That means that your net pay will be <b>$80,222</b> per year, or <b>$6,685</b> per month. Your average tax rate is <b>32.0%</b> and your marginal tax rate is <b>43.4%</b>. This marginal tax rate means that your immediate additional income will be taxed at this rate. For instance, an increase of <b>$100</b> in your salary will be taxed <b>$43.41</b>, hence, your net pay will only increase by <b>$56.59</b>.
Bonus Example
A <b>$1,000</b> bonus will generate an extra <b>$566</b> of net incomes. A <b>$5,000</b> bonus will generate an extra <b>$2,830</b> of net incomes.