Quote:
Originally posted by calculoso@Aug 4 2004, 12:48 PM
You have a good year and get a 5% raise. Your new salary is $36,750. Now though, you're in the next tax bracket of 22%. This means you now pay $8,085 in taxes and take home $28,665.
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Your numbers (and argument) are wrong because you aren't taxed 22% on your whole income, just the portion above the $35,000.
Everyone is taxed 16% (plus the provincial levy) on their first $35,000... then 22% on any amount BETWEEN 35,001 and 70,000, etc...