Quote:
Originally Posted by CaptainCrunch
I already pay a ton in taxes because of my income level, sometimes I think it would be smarter to go and work in a lower paying less stressful job in a lower tax bracket because my tax home would probably be the same.
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Just a good time to remind people that we have a progressive tax system.
- 15% on the first $42,707 of taxable income, +
- 22% on the next $42,707 of taxable income (on the portion of taxable income over $42,707 up to $85,414), +
- 26% on the next $46,992 of taxable income (on the portion of taxable income over $85,414 up to $132,406), +
- 29% of taxable income over $132,406.
+ flat 10% of provincial tax.
Your take home will always be higher the more money you make, but the percentage of what you pay federally as tax increases
only on that extra income in the next bracket as you go up. I know everyone here knows this, but it's come up a few times the last few days so bears repeating. You pay the same percentage as the 99% on everything up to $100,000 (creative accounting and tax sheltering aside).