Can I Afford a Nanny? Based on 40 hours per Week.
Below is a sample of what it might cost to hire a Foreign Live-in Caregiver. Do remember that the Gross Weekly Wage of $370.00 is based on $9.25 per hour and a 40 hour Work Week, paid weekly. DOES NOT INCLUDE STATUTORY HOLIDAYS, VACATION PAY OR WSIB CONTRIBUTIONS.
See www.cra.gc.ca for more information and an on-line calculator.
These figures reflect the Ontario Government changes made for Jan 2008. (We will try and keep you up-to-date of any changes to payroll.)
The term sample is based on a weekly pay, for the week ending March 7, 2008, and the total contribution for taxes and Nanny pay will be calculated for you.
Gross Pay $370.00
Minus Deduct. of
Federal Tax -21.66
Provincial Tax -10.99 Employer Contrib.
CPP -14.98 14.98
EI - 6.40 8.96
Total After Deduct. $315.97 $23.94 Minus Room & Board 85.25
Net Pay to Caregiver $230.72
Therefore Tax contribution by Employee Weekly is
$54.03=(21.66+10.99+14.98+6.40)
and Tax contribution by Employer Weekly is
$23.94=(14.98+8.96)
Total Weekly Contribution by both Employee & Employer is
$77.97=(54.03+23.94)
Total Money out of pocket works out as follows:
4 Week Pay Period for the month of March 2008.
4(number of weeks/mth) x $77.97(Total Tax Contribution)
Equals $311.88 per month in Tax Contribution
Plus
4(number of weeks/mth) x $230.72( Weekly Net Pay)
Equals $922.88
Therefore, Monthly(based on 4 week pay period)
Total Tax Contribution $ 311.88
Total Weekly Gross Pay 922.88
Total Cost per Month to
Employ a Foreign Live-in Caregiver $1234.76
For more information on payroll, you can contact Revenue Canada Agency at www.cra-arc.gc.ca or call 1-800-959-5525.
Caring Nanny Agency recommends that you hire a professional to stay on top of the forever changing aspects of payroll. We recommend Bottomline Payroll & Bookkeeping for your Payroll needs. You can reach Colleen at 905-999-7250.
© Copyright protected by Caring Nanny Agency International Inc.
|
