Comments on: A Taxing Post

By: Plasma tv wall brackets

Plasma tv wall brackets — Sun, 26 Oct 2008 22:36:00 +0000

So at my tax bracket (28%) with the maximum HSA contribution I can save $1666 off of the $15000-$25000 hospital bill (Note: the more money you make, the higher your tax bracket, the more money you’ll save with an HSA!

By: Anonymous

Anonymous — Fri, 31 Mar 2006 16:27:00 +0000

If you really want to calculate your effective tax rate, don’t forget to add in Social Security (6.2% of everything up to $90,000) and Medicare (1.45% of everything). These are the “hidden” taxes that people don’t normally think about, but for many of the middle-class, make up a substantial portion of their tax bill.

By: Kyle

Kyle — Thu, 30 Mar 2006 18:00:00 +0000

When you add the Federal plus Provincial tax, Canada’s tax rates are higher than the US. It’s a good thing that you’re in a higher tax bracket. Congrats, you’re moving up! Next up…28% bracket.

By: Nicole

Nicole — Thu, 30 Mar 2006 17:38:00 +0000

Who knew I had so many Canadian friends?

By: LAMoneyGuy

LAMoneyGuy — Wed, 29 Mar 2006 20:25:00 +0000

Now you did it, you turned this post into a Canada vs. US, healthcare vs. war debate! Oh well. This was a great post. Common misconception, the tax brackets. Many are afraid of being bumped up to the next tax bracket. Of course, as you explained, that doesn’t change how each dollar earned up to that point is taxed.

By: Dollar Bill

Dollar Bill — Tue, 28 Mar 2006 23:02:00 +0000

Good points. Now you need to make it a priority to own a house or condo so you can itemize and reduce your effective tax rate further.

By: techfashionista

techfashionista — Mon, 27 Mar 2006 20:15:00 +0000

Thanks for the link Nicole! These tax brackets and the calculation always confuses me.

By: Anonymous

Anonymous — Mon, 27 Mar 2006 20:09:00 +0000

I’ll take universal health care over war any day. Wouldn’t it be nice if we could just assign our taxes to go to whatever government program we choose? Right now as I’m sitting here without health insurance, canada looks like a mighty-fine place.

By: Tom Weir

Tom Weir — Mon, 27 Mar 2006 18:47:00 +0000

For British Columbia, Canada
0-~35000: 15% federal; 6% provincial
~35K-~66K: 22% federal; 9% provincial

I'm fudging the bounds of the brackets: each province & the feds sets the brackets slightly differently, but they're usually within a couple grand of each other.

Of course that doesn't take into consideration the money withheld for CPP (old age security) or EI ( [un]employment insurance). Nor does it take into consideration our lovely 7% federal goods & services tax.

By: Mom2fur

Mom2fur — Mon, 27 Mar 2006 17:17:00 +0000

Then again, isn’t it nice to know you’re making the money that puts you in a 25% tax bracket?
Hope you find lots of deductions for next year!