Gross annual income – Taxes – CPP – EI = Net annual salary
Net annual salary / Weeks of work / year = Net weekly income
Net weekly income / Hours of work / week = Net hourly wage
Take, for example, a salaried worker who earns an annual gross salary of $ 45,000 for 40 hours a week and has worked 52 weeks during the year.
$45 000 – Taxes – Surtax – CPP – EI = $35 329.39 / year (net)
$35 329.39 / 52 weeks = $679.41 / week (net)
$679.41 / 40 hours = $16.99 / hour (net)
You simply need to the the same division for the gross income base on the annual gross salary (line 2 and 3).
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Our calculator allocates you to calculate the gross/net salary over the time period based on the number of weeks worked that you entered in the field “weeks of work”. This way, if you indicate 48 weeks, you will essentially have a higher periodic salary than if you indicate 52 weeks. Select the “Worker type” and entering “Hours of work/week” and “Weeks of work type” of calculation (gross to net or net to gross) and entering a monthly or yearly amount along with the particular tax details, the salary calculator calculate the corresponding income for the specified period (monthly or yearly basis).
The taxes and deductions are determined by the salary. Similarly, the calculator concludes the employer’s contributions, which involve pension insurance, unemployment insurance, health insurance and contributions for extra care provisions.
Net income is the amount of money left after all the taxes of business have been deducted from the gross income for a given revealing period. Net income is also called profit or earnings. Net income is the figure that remains when the taxes have been deducted from revenue.