64K salary

E

ep1x

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Is there anybody that give a calculation to a $64,000, and a $40,000 salary after taxes in Toronto, Ontario -- this is not my salary , just curious.
 
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Doesn't sound right... taking home $50k on $64k gross sounds too much. But I'm lazy to do the math...

Also, don't forget CPP and EI...
 
yeah , knocking 10K off just doesn't seem right.

i think its between 35%-45%, but i can't pin-point the exact percentage.
 
ep1x said:
64K x .3115% = $19,936 in deductions.

40K x .2005 = $8,020 in deductions ..

sound right ?
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I don't have the patience to go through the CRA page but that's the most accurate. Both your Federal and Provincial rates change depending which bracket you're in..there are 4 for the Federal and 3 for the Provincial I believe. You'd have to compute the rate for each and sum the amounts. I think those numbers are reasonable but like I say, you need to find each and total.
 
Amazon said:
holy crap! being a student I've never earned anywhere near that amount yet, but sweet jesus! Why does the government take back so much of our money?
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So we can keep you children in the lifestyle you've become a custom to.
 
Amazon said:
holy crap! being a student I've never earned anywhere near that amount yet, but sweet jesus! Why does the government take back so much of our money?
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health care, plain and simple.

put that together with an aging population and the continuing shrinkage of our tax base as the baby boomers retire, and there goes our tax dollars.

there is no larger spending priority, and it is only going to get bigger. . .

we need to move to a preventative health model for our system.
 
jeffjones said:
Remember thats just taxes and not take home.
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Now if my job requires a lot of travelling, which requires me keeping all my receipts; gas, food, cabs, cell phone bill, clothing receipts, restaurants (meeting with clients); of the $19,936 in deductions on a 64K salary, and $8020 in deductions on a 40K salary -- I can claim almost everything off my annual taxes , which would theoretically have the government give me money back.

I'm in business school and surprisingly, I have never learned this category of claiming receipts off taxes while on company time.
 
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