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Approximately much total taxes do you pay per year? (% of income)

StreetsofBeige

Gold Member
How much of your total pay goes to taxes?

Ontario Canada.

30% income tax deductions
4% property tax
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34% so far
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6% buying stuff. With 66% left, I probably spend 50% of that and banking the rest. Ontario tax is 13%. So that comes to ~6% (13% on 50% of leftover amount). Some things are tax free, but some things taxed a lot but you dont see it (booze, smokes, gas). For ease, I'll just say it comes to 6%
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40% so far
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3% capitals gains tax. You get taxed on half of your investments sold for profit. At my level, I'd lose about 40% of that half, so 20%. Every year is different for me how much cap gains tax I pay. Some years are bad and I have nothing to pay. For sake of argument and rounding I put in 3% of my pay is cap gains tax I have to pay.

43% total. This excludes any RRSP investing to counter taxes paid.
 
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Nobody_Important

“Aww, it’s so...average,” she said to him in a cold brick of passion
Taxes?

 
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Aesius

Member
I'm freelance/1099, so....a lot. I did just move to a state with no state income tax though, so that will help.
 

StreetsofBeige

Gold Member
Get an accountant - you are doing your taxes wrong.
How so?

I'm single, no kids, not married, no extreme medical bills or tuition, not disabled etc....

Aside from RRSP and capital gains to claim here and there, my T4 slip (which is uploaded to Revenue Canada automatically by my employer) has everything I need. I applied the Trudeau covid claim (which I think was $400 for WFH people).
 

poppabk

Gold Member
How so?

I'm single, no kids, not married, no extreme medical bills or tuition, not disabled etc....

Aside from RRSP and capital gains to claim here and there, my T4 slip (which is uploaded to Revenue Canada automatically by my employer) has everything I need. I applied the Trudeau covid claim (which I think was $400 for WFH people).
Because the upper tax bracket is 33% so you would have to be earning several million a year to hit a net tax of 30%.
 

Biff

Member
Because the upper tax bracket is 33% so you would have to be earning several million a year to hit a net tax of 30%.
In Canada we pay both a Federal tax, where the upper tax bracket is 33%, and a Provincial tax which varies by province but typically is somewhere between 13-25% at the highest tax bracket.

I hope you don't live in Canada because if you've only been paying Federal taxes you are going to get the surprise of your life if/when you get audited.
 

godhandiscen

There are millions of whiny 5-year olds on Earth, and I AM THEIR KING.
(A lot) I just checked a pay stub, but probably slightly less, once I get my tax return and do all of the tax return magic.

Edit: Truth be told. I am tired of the topic of taxes. Hopefully I leave California some time in the future.
 
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Sub_Level

wants to fuck an Asian grill.
18% effective tax rate including medicare and social security; not including sales tax which I don't really keep track of.
 
The US has a weird tax system. I own a home, so I pay property taxes. Then they take somewhere between 20-25% of my pay checks but I get some amount of that back when I do my taxes. Plus I get the child tax credit x2. It would bet that I end up paying upwards 20% total when everything is accounted for. And that doesn’t include 6% sales tax.
 

Fbh

Member
Aside from a 19% sales tax almost nothing....because I don't own shit and don't make a lot


Sad At First I GIF by Katelyn Tarver
 

Maiden Voyage

Gold™ Member
~9.5% for 2020 filing. Not sure what it will be next year.
In the US.

edit: married filing jointly, if that matters.
 
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BadBurger

Gold Member
Federal - 24%:
$14,751 + 24% of earnings over $86,375

State - 5.75%:
$720 plus 5.75% of earnings over $17,000

Personal property, capital gains, etc.:
I don't really know, I will when I do my taxes, but I doubt it's over $1,000 all together
 
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