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

[Wormius]

Originally Posted by Hockeyguy15

Depends if you are close to the next income bracket, a little bit of OT can push you over.

Yeah, but... they are only paying a higher tax on the extra that they're making. The extra tax doesn't apply to their entire earnings if they earn a dollar over the tax bracket.

[CofR]

The Home Depot parking lot on 16th.... Not enough space, and so annoying to navigate.

[Hockeyguy15]

Originally Posted by 19Yzerman19

Why does this matter? Whether it's taxed at 32% or 36 it's still more money.

Poorly worded, see below.

[Hockeyguy15]

Originally Posted by Wormius

Yeah, but... they are only paying a higher tax on the extra that they're making. The extra tax doesn't apply to their entire earnings if they earn a dollar over the tax bracket.

This is worded better than the way I did it.

Anyways, I assume that their time is more valuable to them than pay they receive.

[taco.vidal]

Originally Posted by Hockeyguy15

Poorly worded, see below.

Quick edit you had there.

[Hockeyguy15]

Originally Posted by taco.vidal

Quick edit you had there.

Thanks?

[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.

[Yasa]

Oddly enough, the Math Applied courses in high school are for the "dumber" kids, and they go over personal finances.

[Mr.Coffee]

Originally Posted by Yasa

Oddly enough, the Math Applied courses in high school are for the "dumber" kids, and they go over personal finances.

do they really? I honestly didn't know that... do they go over income tax?

[corporatejay]

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.

I think the problem is that most people learn about tax brackets from pop culture and in the U.S. you pay tax at the rate based on the last dollar you earn (i.e. getting pushed into the next bracket cannot be necessarily a good thing).

[Yasa]

Originally Posted by Mr.Coffee

do they really? I honestly didn't know that... do they go over income tax?

They did for me. As well as going over bank loans, car leases and mortgages. We also got to count things out with jelly beans, so that was a nice treat.

Is anyone else unable to view highlights on TSN without having to sign up through Bell or Rogers? I can't seem to watch anything on their website. It's horse####.

[Wormius]

The thing is, you learn all of that stuff about tax brackets, etc. the first time you ever do your taxes. Unless you have somebody else file your taxes, or you don't make above the first tax bracket and don't realize how it works.

I didn't know that about the states though. That would suck.

My GG for the day is the soft keyboard on my Android phone. In SwiftKey the auto-complete word list is so close to the "Submit" and "Discard" button in Tapatalk and the stock email app, that I often lose my post if my finger lands a bit high when I select a word.

[Temporary_User]

Originally Posted by corporatejay

I think the problem is that most people learn about tax brackets from pop culture and in the U.S. you pay tax at the rate based on the last dollar you earn (i.e. getting pushed into the next bracket cannot be necessarily a good thing).

This is not true.

http://en.wikipedia.org/wiki/Income_..._United_States

An individual pays tax at a given bracket only for each dollar within that tax bracket's range.

[sun]

Originally Posted by Mr.Coffee

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.

Agreed. It's messed up. The whole school system seems a bit screwy, but this one is major. Not enough "real world" practical stuff taught. Why is trigonometry mandatory but not personal finance? Seems backwards to me.

Guess the onus is on parents to teach kids about this kinda thing. I could have used some guidance in this area back then (and still could tbh).

[corporatejay]

Originally Posted by Temporary_User

This is not true.

http://en.wikipedia.org/wiki/Income_..._United_States

Hah. It was an American who told me that. Sounds like this person is as bad as your average Canadian.

[Igster]

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.

The government, taxes and law GMG's.

Oh...and math.

[btimbit]

Originally Posted by Yasa

Oddly enough, the Math Applied courses in high school are for the "dumber" kids, and they go over personal finances.

Math 14/24 or whatever it's called now taught this. I took it along with the regular math courses because I found it taught a lot of essential stuff like tax and personal finance stuff. Was definitely worth it

[justkidding]

Originally Posted by sun

Agreed. It's messed up. The whole school system seems a bit screwy, but this one is major. Not enough "real world" practical stuff taught. Why is trigonometry mandatory but not personal finance? Seems backwards to me.

Guess the onus is on parents to teach kids about this kinda thing. I could have used some guidance in this area back then (and still could tbh).

What a concept, parents teaching their kids something! I can't teach my kid trigonometry but I sure can get him to sit with me while I do my taxes.

[Table 5]

Do they still have CALM (Career and Life Management) in high school? It was definitely an easy class, but I remember that to dabble in personal finance, and even investing. And for some reason, I remember we watched "One Flew Over the ####oos Nest".

[Rathji]

Originally Posted by Hockeyguy15

Depends if you are close to the next income bracket, a little bit of OT can push you over.

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