|
I don't know how you're getting 82%. The second set of charts (by province) are Federal and Province combined. So, for people in Ontario, it goes like this:
First first $33,375 is taxed at 22.05%
income you make between $33,375 up to $35,000 is taxed at 25.15%
over $35,000 up to $66,752 is taxed at 31.15%
over $66,752 up to $70,000 is taxed at 33.16%
over $70,000 up to $113,804 is taxed at 37.16%
over $113,804 is taxed at 40.16%
If you made $113,810, you would pay:
$33,375 x 22.05%=$7359.19
plus
$1635 x 25.15% = $408.69
plus
$31, 752 x 31.15%= $9890.75
plus
$3248 x 33.16% = $1077.03
plus
$43804 x 37.16% = $16,277
plus
$6 x 40.16% =$2.40
Grand total: $35,027.12 which is equal to 30.77%
Living in the USA, if I added up all the taxes I pay, federal, state, property, sales, etc., I'd guess I pay at least that much (percentage wise), and I have to pay for my own health care too!
I didn't do those surtaxes, I'm not sure I understand them, but I think you would pay an additonal 36% on about $31,000 of your tax bill, paying 11,160 more. This would make it $46, 187.00 in taxes total, or 40% tax.
Still very high, but not 82%
Dee
|
Hybrid Mode
