Quote:
Originally Posted by Bring_Back_Shantz
Okay, the most the government would take, based on income tax rates in Alberta would be 29% federally, and 10% provincially.
But for them to be taking that 39% (less than half I might add), you'd be making over 127k (Before the bonus).
So if the government really is taking "Almost half" and that's causing you to troubles getting enough food, then maybe you should lay off the caviar.
Jokes aside,i f you make less than $82k which, considering you're complaining about eating, I'm guessing is the case, then you're only paying 32% which is quite a bit less than half.
But we all pay taxes man, why should a bonus be any different?
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I think the problem is that we have so much more tax taken off than normal. The way I think it works is that the government looks at my bonus, extrapolates the value over 26 pay periods and assumes that's my yearly salary and then taxes me based on that amount, which of course puts me at 39%. Plus my bonus comes in Feb, so I get to pay CPP and EI on it too. So it's pretty close to 50% for me. And then I have to wait an entire year to get that overpayment back. Interest free.