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Calculating Tax Rates

Tax Rate Library

This page provides a library of equations to calculate various tax rates, designed to be used in Money Eva’s “Define Variable (Numerical)” calculations. These examples cover tiered rate systems, deductions, and adjustments for different jurisdictions.

Want to contribute? Visit our GitHub repository. Whether you want to refine existing examples, add new equations, or expand coverage for specific jurisdictions, your input can make this resource even more valuable!

Country Jurisdiction Type Year View Equation
Canada Alberta Income Tax 2024 View
Canada British Columbia Income Tax 2024 View
Canada Federal Income Tax 2024 View
Canada New Brunswick Income Tax 2024 View
Canada Ontaio Income Tax 2024 View
Canada Quebec Income Tax 2024 View
Canada Saskatchewan Income Tax 2024 View
USA Federal (Head of Household) Income Tax 2024 View
USA Federal (Married Filing Jointly) Income Tax 2024 View
USA Federal (Single) Income Tax 2024 View

Example 1: Canada Federal Tax (2024)

Equation:

  • (((min(max(A, 0), 55867) - 0) * 0.15 + (min(max(A, 55867), 111733) - 55867) * 0.205 + (min(max(A, 111733), 173205) - 111733) * 0.26 + (min(max(A, 173205), 246752) - 173205) * 0.29 + (max(A, 246752) - 246752) * 0.33) - min(15705, A) * 0.15)

Explanation:

  • This formula calculates federal tax in Canada for 2024 using tiered rates for different income brackets.
  • The basic personal amount of $15,705 is deducted at the lowest tax rate (15%).
  • Income Brackets:
    • $0–$55,867 taxed at 15%.
    • $55,868–$111,733 taxed at 20.5%.
    • $111,734–$173,205 taxed at 26%.
    • $173,206–$246,752 taxed at 29%.
    • Over $246,752 taxed at 33%.

Example 2: U.S. Federal Tax (2024, Single Filer)

Equation:

  • ((min(max(A, 0), 11600) - 0) * 0.1 + (min(max(A, 11600), 47150) - 11600) * 0.12 + (min(max(A, 47150), 100525) - 47150) * 0.22 + (min(max(A, 100525), 191950) - 100525) * 0.24 + (min(max(A, 191950), 243725) - 191950) * 0.32 + (min(max(A, 243725), 609350) - 243725) * 0.35 + (max(A, 609350) - 609350) * 0.37)

Explanation:

  • Calculates U.S. federal income tax for single filers in 2024.
  • Income Brackets:
    • $0–$11,600 taxed at 10%.
    • $11,601–$47,150 taxed at 12%.
    • $47,151–$100,525 taxed at 22%.
    • $100,526–$191,950 taxed at 24%.
    • $191,951–$243,725 taxed at 32%.
    • $243,726–$609,350 taxed at 35%.
    • Over $609,350 taxed at 37%.