Welcome Guest!
In order to take advantage of all the great features that Waterloo Region Connected has to offer, including participating in the lively discussions below, you're going to have to register. The good news is that it'll take less than a minute and you can get started enjoying Waterloo Region's best online community right away.
or Create an Account




Thread Rating:
  • 0 Vote(s) - 0 Average
  • 1
  • 2
  • 3
  • 4
  • 5
Taxation and the middle class
#16
(01-25-2020, 12:06 AM)Momo26 Wrote: Are you including federal? If also include CPP and EI deductions that's more like:

Salary
$80,000
Federal tax deduction
- $11,245
Provincial tax deduction
- $5,566
CPP deductions
- $2,749
EI deductions
- $860
Total tax
- $20,420
Net pay
* $59,580

The above is basically the maximum amount of taxes you will pay with an $80K income. The Stats Canada numbers are averages of actual taxes. The actual taxes are smaller because many people have some of spousal deductions, child deductions, RRSP deductions, sheltered income (TFSA), dividend, capital gains deductions, property tax credits, second-children's early-evening pre-sports left-handed piano lesson tax credits etc.

And while I didn't read the detail definition of "taxes" on the Stats Canada site, I do expect that EI and CPP are excluded from that, which would already drop the taxes to $17K and a tax rate of roughly 21%, before any of the deductions and tax credits.
Reply


« Next Oldest | Next Newest »



Messages In This Thread
Taxation and the middle class - by Momo26 - 01-09-2020, 10:12 AM
RE: Taxation and the middle class - by nms - 02-04-2020, 12:16 AM
RE: Taxation and the middle class - by embe - 02-04-2020, 02:07 PM
RE: Taxation and the middle class - by ijmorlan - 02-04-2020, 04:26 PM
RE: Taxation and the middle class - by Bytor - 12-03-2020, 11:57 AM
RE: Taxation and the middle class - by ijmorlan - 12-03-2020, 12:56 PM
RE: Taxation and the middle class - by jeffster - 01-09-2021, 11:33 PM
RE: Taxation and the middle class - by plam - 12-03-2020, 06:50 PM
RE: Taxation and the middle class - by tomh009 - 12-03-2020, 07:59 PM
RE: Taxation and the middle class - by neonjoe - 12-04-2020, 08:56 AM
RE: Taxation and the middle class - by Momo26 - 10-23-2022, 08:19 PM
RE: Taxation and the middle class - by nms - 10-23-2022, 09:05 PM
RE: Taxation and the middle class - by ac3r - 12-12-2023, 09:41 PM
RE: Taxation and the middle class - by tomh009 - 12-13-2023, 05:56 PM
RE: Taxation and the middle class - by ac3r - 12-13-2023, 07:19 PM
RE: Taxation and the middle class - by ijmorlan - 12-13-2023, 09:22 PM
RE: Taxation and the middle class - by ac3r - 12-13-2023, 09:39 PM
RE: Taxation and the middle class - by SF22 - 12-14-2023, 12:26 PM
RE: Taxation and the middle class - by nms - 12-12-2023, 10:10 PM
RE: Taxation and the middle class - by bravado - 12-12-2023, 10:24 PM
RE: Taxation and the middle class - by bravado - 12-13-2023, 06:53 PM
RE: Taxation and the middle class - by tomh009 - 12-14-2023, 05:55 PM
RE: Taxation and the middle class - by dtkvictim - 12-13-2023, 09:37 PM
RE: Taxation and the middle class - by ac3r - 05-04-2024, 07:29 AM
RE: Taxation and the middle class - by bravado - 05-04-2024, 08:17 AM
RE: Taxation and the middle class - by ac3r - 05-04-2024, 07:24 PM
RE: Taxation and the middle class - by dtkvictim - 05-05-2024, 01:33 AM
RE: Taxation and the middle class - by ac3r - 05-07-2024, 02:50 PM
RE: Taxation and the middle class - by tomh009 - 05-07-2024, 03:31 PM
RE: Taxation and the middle class - by KevinL - 05-04-2024, 10:01 PM
RE: Taxation and the middle class - by ijmorlan - 05-04-2024, 10:32 PM
RE: Taxation and the middle class - by Acitta - 05-04-2024, 10:39 PM
RE: Taxation and the middle class - by ijmorlan - 06-28-2024, 06:42 PM
RE: Taxation and the middle class - by ijmorlan - 06-29-2024, 08:56 AM
RE: Taxation and the middle class - by ac3r - 07-09-2024, 06:25 PM
RE: Taxation and the middle class - by Acitta - 07-09-2024, 06:59 PM
RE: Taxation and the middle class - by plam - 07-09-2024, 11:01 PM
RE: Taxation and the middle class - by ac3r - 06-28-2024, 08:10 PM
RE: Taxation and the middle class - by ijmorlan - 06-28-2024, 08:22 PM
RE: Taxation and the middle class - by ac3r - 07-09-2024, 07:08 PM
RE: Taxation and the middle class - by Acitta - 07-09-2024, 07:15 PM
RE: Taxation and the middle class - by jeffster - 07-31-2024, 11:32 PM
RE: Taxation and the middle class - by Acitta - 07-10-2024, 11:19 AM
RE: Taxation and the middle class - by nms - 08-01-2024, 09:36 AM
RE: Taxation and the middle class - by bravado - 08-01-2024, 10:22 AM
RE: Taxation and the middle class - by tomh009 - 08-01-2024, 10:38 AM
RE: Taxation and the middle class - by ijmorlan - 08-01-2024, 12:59 PM
RE: Taxation and the middle class - by ludo643 - 08-27-2024, 04:22 AM
RE: Taxation and the middle class - by ijmorlan - 09-03-2024, 11:04 PM
RE: Taxation and the middle class - by plam - 09-04-2024, 07:14 AM
RE: Taxation and the middle class - by ijmorlan - 09-12-2024, 05:32 PM
RE: Taxation and the middle class - by tomh009 - 09-04-2024, 02:52 AM
RE: Taxation and the middle class - by Bytor - 09-12-2024, 05:24 PM
RE: Taxation and the middle class - by tomh009 - 09-12-2024, 08:20 PM
RE: Taxation and the middle class - by bravado - 09-03-2024, 09:48 PM
RE: Taxation and the middle class - by nms - 09-13-2024, 05:51 PM
RE: Taxation and the middle class - by ijmorlan - 09-13-2024, 09:00 PM
RE: Taxation and the middle class - by tomh009 - 09-13-2024, 09:20 PM
RE: Taxation and the middle class - by ijmorlan - 09-15-2024, 08:43 AM
RE: Taxation and the middle class - by Bytor - 10-02-2024, 11:59 AM
RE: Taxation and the middle class - by ac3r - 09-17-2024, 01:11 PM
RE: Taxation and the middle class - by plam - 09-17-2024, 05:26 PM
RE: Taxation and the middle class - by ac3r - 10-02-2024, 10:30 PM
RE: Taxation and the middle class - by plam - 10-03-2024, 07:36 PM
RE: Taxation and the middle class - by ijmorlan - 10-04-2024, 12:17 AM
RE: Taxation and the middle class - by bravado - 10-04-2024, 12:29 AM
RE: Taxation and the middle class - by greybird - 10-09-2024, 09:46 AM
RE: Taxation and the middle class - by bravado - 12-17-2024, 10:54 AM
RE: Taxation and the middle class - by nms - 12-17-2024, 09:30 PM
RE: Taxation and the middle class - by Momo26 - 12-21-2024, 01:59 AM
RE: American Block Redevelopment | 3 fl | U/C - by tomh009 - 01-25-2020, 09:51 PM

Forum Jump:


Users browsing this thread: 1 Guest(s)

About Waterloo Region Connected

Launched in August 2014, Waterloo Region Connected is an online community that brings together all the things that make Waterloo Region great. Waterloo Region Connected provides user-driven content fueled by a lively discussion forum covering topics like urban development, transportation projects, heritage issues, businesses and other issues of interest to those in Kitchener, Waterloo, Cambridge and the four Townships - North Dumfries, Wellesley, Wilmot, and Woolwich.

              User Links