2015 Payroll Calculator Ontario
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Reviewed by Calculator Editorial Team
Calculate your 2015 payroll costs in Ontario with this comprehensive payroll calculator. It accounts for federal and provincial taxes, Canada Pension Plan (CPP), Employment Insurance (EI), and other deductions to give you an accurate net pay breakdown.
How to Use This Calculator
Enter your gross pay amount in the calculator below. The calculator will automatically compute the deductions and provide you with a detailed breakdown of your net pay.
For more accurate results, you can also specify whether the employee is full-time or part-time, and whether they are exempt from EI premiums.
Formula Used
The 2015 payroll calculator uses the following formula to calculate net pay:
Net Pay = Gross Pay - (Federal Tax + Provincial Tax + CPP + EI)
The tax rates and deductions are based on the 2015 tax tables for Ontario and Canada.
Worked Example
Let's calculate the net pay for an employee with a gross pay of $2,500 in 2015.
| Deduction | Amount |
|---|---|
| Federal Tax | $450.00 |
| Provincial Tax (Ontario) | $300.00 |
| CPP (5.95%) | $148.75 |
| EI (1.66%) | $41.50 |
| Total Deductions | $930.25 |
| Net Pay | $1,569.75 |
Interpreting Results
The calculator provides a detailed breakdown of your payroll costs, including:
- Gross Pay: The total amount paid to the employee before deductions
- Federal Tax: Income tax withheld under the federal government
- Provincial Tax: Income tax withheld under the Ontario government
- CPP: Canada Pension Plan contributions
- EI: Employment Insurance premiums
- Net Pay: The amount the employee actually receives
Use this information to understand your total payroll costs and ensure compliance with Ontario payroll regulations.
Frequently Asked Questions
What is included in the payroll calculator?
The calculator includes federal and provincial taxes, Canada Pension Plan (CPP), Employment Insurance (EI), and other deductions to provide an accurate net pay breakdown.
Are the tax rates up-to-date?
The calculator uses the 2015 tax rates for Ontario and Canada. For current tax rates, please consult the Canada Revenue Agency or Ontario government websites.
Can I use this calculator for part-time employees?
Yes, the calculator can be used for both full-time and part-time employees. Simply enter the appropriate gross pay amount.