You Know What Really Grinds My Gears....The Sequel!

[MoneyGuy]

Years ago I had a client who taught high school CALM and he'd have me come in to teach a class on personal finance. It was great fun. Many of the kids zoned out but there were several who were keenly interested. One became a client a few years later.

[Igster]

Originally Posted by Rathji

Just the extra portion above that tax bracket would be taxed extra

Then how is it that I received a raise a while back and ended up getting less per cheque then before the raise? This was a while ago but I remember telling my boss I would rather not have it at all. Again, did this change or has it always been this way because this had to have been about 20 years ago.

[Rathji]

Originally Posted by Igster

Then how is it that I received a raise a while back and ended up getting less per cheque then before the raise? This was a while ago but I remember telling my boss I would rather not have it at all.

I couldn't say, but unless I terribly misunderstand the math in the tax forms, the only reason would be sure to how much your employer took off.

[mustache ride]

Originally Posted by Igster

Then how is it that I received a raise a while back and ended up getting less per cheque then before the raise? This was a while ago but I remember telling my boss I would rather not have it at all. Again, did this change or has it always been this way because this had to have been about 20 years ago.

Its possible that your work adjusted your deductions to take off a higher percentage of tax.You would still get all the money you were entitled to at the end of the year.

[GGG]

Originally Posted by Igster

Then how is it that I received a raise a while back and ended up getting less per cheque then before the raise? This was a while ago but I remember telling my boss I would rather not have it at all. Again, did this change or has it always been this way because this had to have been about 20 years ago.

Was the raise effective jan 1st? Because if so then it could have been cpp and ei contributions kicking back in Jan 1st. With cpp and ei you pay about 7% of the first 40k you make that year. Once you have made 40k those deductions stop for the rest of the year. Those numbers are also indexed with inflation so the cap would have been alot lower 20 years ago.

[pylon]

Originally Posted by Table 5

What is this paid overtime you speak of?
- Almost every salaried employee out there.

What is this Salary you speak of?

- Almost every commission salesperson out there?

[jayswin]

What is this "pay" you speak of?

-Homeless people

[Wormius]

Originally Posted by GGG

Was the raise effective jan 1st? Because if so then it could have been cpp and ei contributions kicking back in Jan 1st. With cpp and ei you pay about 7% of the first 40k you make that year. Once you have made 40k those deductions stop for the rest of the year. Those numbers are also indexed with inflation so the cap would have been alot lower 20 years ago.

A similar situation happened to us. My wife received a bonus from work before January 1st and took home a significant amount more than mine that I received later in February. I was confused, but turns out I just paid more CPP and EI. It will work itself out eventually as my contributions max out earlier than they would have otherwise.

[Table 5]

Originally Posted by pylon

What is this Salary you speak of?
- Almost every commission salesperson out there?

Not to continue the one-upmanship pity-party, but when you're self-employeed, the safety net is even further away. No salary, base-pay or guaranteed income of any kind, never had a "bonus", plus there's no such thing as paid vacation or paid sick days or pension plan. It's pretty much all on you in every way.

I wouldn't have it any other way though. It keeps you sharp!

[Table 5]

Originally Posted by fotze

Do you write off some porsche?

Only if I delivered pizzas or something for a living.

[Table 5]

Originally Posted by fotze

Isn't that what you do?

No, but I did once apply for a summer job where your role was to drive around and pick-up dead/euthanized animals from vet clinics around the city and take them to some centralized cremation place. I didn't get the job.

[indes]

Originally Posted by Mr.Coffee

People who don't understand how income tax works GMG, and you hear people say stuff like that all the time. "I don't want to make more, I'll get pushed into the next bracket". Yeah, but, the higher tax is only on the incremental amount of money...

Why the hell don't our schools teach basic personal finance in school? It's ridiculous. You should be taught in grade 12, before they release your leech ass into society, how income tax works and how to fill out a basic tax form. Because it's not hard, and you're going to have to do it. It's the law, it's mandatory, so make it mandatory in school curriculum's so idiots stop passing up more money for fearing of making less.

A chick I worked with at Lincoln county quit after her first pay stub because she thought she paid too much taxes. To quote her " I never paid 800$ in tax when I worked at the mall"!

[pylon]

Originally Posted by Table 5

Not to continue the one-upmanship pity-party, but when you're self-employeed, the safety net is even further away. No salary, base-pay or guaranteed income of any kind, never had a "bonus", plus there's no such thing as paid vacation or paid sick days or pension plan. It's pretty much all on you in every way.

I wouldn't have it any other way though. It keeps you sharp!

Actually I love being on commission. I would consider what I get more of a profit share, as we evenly split a percentage of the entire department profits. So you are paid if you are here or not. But either way, I love it. You need a raise? Just give yourself one, and sell more stuff.

I have never once made less than I expected too in all the years I have been on commission. And it keeps you on your toes.

[Free Ben Hur!]

Snow. It's May 4th. Fata off Alberta weather.

[PsYcNeT]

At least it's not 3+ feet like in 2001

[Table 5]

Living in Calgary, you pretty much these crazy spring snowstorms every year. The thing that makes it so annoying is how consistent and never-ending the snow has been this year. Every time you think it's finally over for the year, we get pounded again. I try not to be one of those guys that whines about weather, but it's getting really trying.

[Bigtime]

When people call the aircraft "The Concorde" instead of "Concorde", grinds my avgeek gears.

[Jedi Ninja]

Originally Posted by the bigtime

when people call the aircraft "the concorde" instead of "concorde", grinds my avgeek gears.

fyp

[jayswin]

When people put Fyp and you have no idea what the f they fixed.

[jayswin]

Oh, the bigtime.