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| *Ostroff, Fair and Company>>>Canada Taxes |
What is the percentage of tax taken from your income? Say you make 2000 dlls a month.? |
What is the percentage of tax taken from your income? Say you make 2000 dlls a month.? Federal tax rates for 2006 are: 15% on the first $36,378 of taxable income; 22% on the next $36,378 of taxable income; 26% on the next $45,529 of taxable income; and 29% of taxable income over $118,285 Provincial/Territorial tax rates vary your taxable income varies with deductions Source(s): http://www.cra-arc.gc.ca/tax/individuals... There is social security tax and medicare tax, which amount to about 10% (more or less). Then you need to decide how much you want to deduct as your personal income tax (use W-4 for that). The higher number you claim (up to 10 without IRS getting suspicious), the less they withhold, which means your take home more. When you file your tax at the year end or by April the following year, you either pay more (if not enough was taken), or get money back (if too uch was taken). APPROX 25% |
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