Hollywoodaction
Joined: 02 Jul 2004
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 Posted: Wed Dec 06, 2006 9:31 am Post subject: |
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| SPINOZA wrote: |
| Hollywoodaction wrote: |
| Yu_Bum_suk wrote: |
My sister's a top BC nurse - experienced OR assistant - so this doesn't come as any surprise to me. I took some students back to Canada with me last summer and we stayed at her brand new house. My students would have found it much easier to believe that she was a doctor. She just got married to a teacher who gets paid well but doesn't make nearly what she does.
Bear in mind, however, that the amount my sister will pay in provincial, federal, and municiple taxes with this raise adds up to a number that starts with a 4. |
Yeah, brings to mind memories of my dad being upset about his latest raise because it had bumped him up a tax bracket, which meant his net income had taken a 4% blow. |
I don't understand how this is possible.
Tax brackets usually mean that you only pay the higher % on what you earn over that amount - everything underneath you pay the same % as before.
Thus if tax brackets are:
10% on $20,000 - $50,000
25% on $50,000 - $70,000
and your income is $60,000, you'll pay 10% on $50,000 of that and 25% on the $10,000.
This is how it should be. Please explain how it was possible for your dad to wind up with an overall 4% net loss. I'm not being an arse - I'm genuinely interested. |
Check with someone who worked for Revenue Canada in the 70's. |
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