64K salary

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ATTS said:
I know quite a few people who do not want raises each year. They are at the point where they make enough money for their type of lifestyle and request vacation time only. More money also means more taxes as always.
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Actually thats smart.. I am closer to that lower number and even I would accept more vacation days rather than a raise. Each day is worth $100-200 alone and I know it would cost my company at least $500.
 
ATTS said:
I know quite a few people who do not want raises each year. They are at the point where they make enough money for their type of lifestyle and request vacation time only. More money also means more taxes as always.
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or put the extra into an rrsp so you still pay the same tax as before while saving for retirement.....or so they say.
 
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Enjoy it while you can, the more money you make over that amount the taxing only gets worse and worse and worse....UGH


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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But good news if you're a corporation you will pay virtually no tax! no need to burden our big profitable corporations with supporting the health and life of the slaves.. er employees that maintain them.

http://politicsrespun.org/2010/10/corporations-already-pay-virtually-no-tax-in-bc/.

http://www.themarknews.com/articles/4422-canada-s-race-to-the-tax-bottom

Corporations are paying an ever-smaller share of the country's tax burden. The slack will have to be picked up by you and me.

It’s just about official: There will be no turnaround by the Harper government next Tuesday, which is federal budget day. And so the tax rate for large corporations will be lowered to 15 per cent in 2012 – marking the largest tax reduction in Canada’s history, down from 29.1 per cent in 2000.


On average, OECD countries have reduced their corporate tax rates by 40 per cent in the past 20 years. The American Enterprise Institute forecasts that if current trends continue, corporations will cease to pay any taxes within 20 years.
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blood pressure rising yet?
 
They could argue that they need to do that to keep and attract companies for doing business here I suppose?

I think it's similar in the USA.....look at GE, they not only didn't pay any tax in the USA, they recieved over $ 1 billion!!!!
 
boooya said:
Not true. Can only deduct $500 a year, and when you have $10-$15k worth of tools in your box and constantly replacing and buying new tools its not much help. Considering I spend close to $400 on boots pet year alone!!!
Probably one of the most expensive trades as far as tools and the only one that limits what you can deduct.
Apprentices can deduct for first 5 years only.
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I stand corrected. I'm going to save face by claiming I meant a ****** CT tool kit. ;)
 
GreyGhost said:
AFAIK Insurance companies don't cover in-province emergency care, surgeries etc. My understanding is insurance companies cover physio and other things that OHIP wouldn't be paying for anyway.
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fair point.

but not sure what the statistics are regarding per accident costs for care, car vs. motorcycle, and also what are the # of incidents on average per driver/rider. . .
 
afong56 said:
fair point.

but not sure what the statistics are regarding per accident costs for care, car vs. motorcycle, and also what are the # of incidents on average per driver/rider. . .
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Actually I belive the insurance companies get billed by Ohip and do cover in province emergency care sugeries etc.
 
ep1x said:
64K x .3115% = $19,936 in deductions.

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

sound right ?
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This is so wrong I can't even begin to explain why, the calculator amount is the more accurate one by far.
 
daveyflakes said:
Give it a try...?
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As a start, taxes are a sliding scale, so it's 0% of the first 18K, 21 % of the next 10K, 22% of the next 10K etc. (note all numbers made up as I don't feel like looking at the charts). Multiplying your salary by a single number from the table is not accurate.
 
GreyGhost said:
As a start, taxes are a sliding scale, so it's 0% of the first 18K, 21 % of the next 10K, 22% of the next 10K etc. (note all numbers made up as I don't feel like looking at the charts). Multiplying your salary by a single number from the table is not accurate.
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Yes, tax brackets; I figured that's what OpenGambit may have been referring to. I just love when people say "you're so wrong, but I'm not going to tell you why you're wrong...".
:director:

Still... $10k of tax on $64k taxable income seems quite low.
 
daveyflakes said:
Yes, tax brackets; I figured that's what OpenGambit may have been referring to. I just love when people say "you're so wrong, but I'm not going to tell you why you're wrong...".
:director:

Still... $10k of tax on $64k taxable income seems quite low.
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I consider the correction of wrong information to be a service in and of itself. I am not anyone's tax consultant until I am retained for such purposes. I am under no moral or professional obligation to provide any information at all.

I am here because I ride a bike and I give information in my free time. I am not here to be GTAM's legal slave. If you don't consider my post to be informative enough, you got what you paid for.

Thanks.
 
OpenGambit said:
I consider the correction of wrong information to be a service in and of itself. I am not anyone's tax consultant until I am retained for such purposes. I am under no moral or professional obligation to provide any information at all.

I am here because I ride a bike and I give information in my free time. I am not here to be GTAM's legal slave. If you don't consider my post to be informative enough, you got what you paid for.

Thanks.
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shaniqua.jpg
 
OpenGambit said:
I consider the correction of wrong information to be a service in and of itself. I am not anyone's tax consultant until I am retained for such purposes. I am under no moral or professional obligation to provide any information at all.

I am here because I ride a bike and I give information in my free time. I am not here to be GTAM's legal slave. If you don't consider my post to be informative enough, you got what you paid for.

Thanks.
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I hear ya..but ya know, you coulda written the answer in the amount of time it took to write this diatribe! :-)
 
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