Taxes are to high!
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@Jason said:
@MattSpeller said:
@scottalanmiller said:
Yeah, you take home WAY more than we do.
If you have kids, RRSP, those can hugely alter your taxes (give you back $$$$$$$)
Also remember that our sales taxes are eye watering, 13% on average for most provinces.
My income taxes suck because, I'm single and make decent you cane penalized for that here. If I was married or had kids I'd get a lot of breaks.
Kids I understand - but married? I suppose PSX's example above said a single person got $6K in deductions, and married/head of house hold filing jointly gets $13K, so there's a tiny advantage.
Would you get more than that?
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@Dashrender said:
@Jason said:
@MattSpeller said:
@scottalanmiller said:
Yeah, you take home WAY more than we do.
If you have kids, RRSP, those can hugely alter your taxes (give you back $$$$$$$)
Also remember that our sales taxes are eye watering, 13% on average for most provinces.
My income taxes suck because, I'm single and make decent you cane penalized for that here. If I was married or had kids I'd get a lot of breaks.
Kids I understand - but married? I suppose PSX's example above said a single person got $6K in deductions, and married/head of house hold filing jointly gets $13K, so there's a tiny advantage.
Would you get more than that?
Not sure the exact amounts for State level but you get more if you are married and filed jointly.
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@larsen161 said:
Looking at the UK at a similar £40k salary just 24% tax on that and healthcare is included. sure vat is higher at 20% but it's already calculated into the costs for goods and food is 0 rated along with a bunch of other stuff.
the value I get here for the tax I pay is like I've won the lottery compared to when I was in the us. and saying that, the lottery winnings here are 0 rated too - no taxes to pay if you win it big.
Yeah, but once your salary hits £43k your income tax rate shoots up to 40%.
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@Carnival-Boy said:
@larsen161 said:
Looking at the UK at a similar £40k salary just 24% tax on that and healthcare is included. sure vat is higher at 20% but it's already calculated into the costs for goods and food is 0 rated along with a bunch of other stuff.
the value I get here for the tax I pay is like I've won the lottery compared to when I was in the us. and saying that, the lottery winnings here are 0 rated too - no taxes to pay if you win it big.
Yeah, but once your salary hits £43k your income tax rate shoots up to 40%.
That's just painful.
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@Jason said:
I don't think you can count all deducations since some of those you opt into. Mine would be really high with all the Retirmenet, Company stocks etc I do.
I Pay 18% in State Income Taxes and 28% in Federal so 46% of my pay goes to taxes.
That's about me too.
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@travisdh1 said:
@Dashrender said:
@JaredBusch said:
My tax rate (counting healthcare) is something like 35% when I looked at my last paystub for 2015. Refund this will be about $3k because I forgot to change the amounts last fall like I generally do once I have paid in enough to cover my taxes.
That's weird - why would you pay in early? In fact, why not do the opposite, short them as much as possible, bank the cash and send them a check?
It's the world's worst savings plan! I've known people who used taxes like a savings account before, not such a great way to go about things. Personally I've got it to the point where it's as close to zero at tax time as possible (normally $40 or so either way.)
Because I forgot to adjust my W4 amounts last year. I normally do that about September once I have a solid grip on my expected tax for the year. I have long aimed for a ~$100 owe/refund amount.
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@JaredBusch said:
My tax rate (counting healthcare) is something like 35% when I looked at my last paystub for 2015. Refund this will be about $3k because I forgot to change the amounts last fall like I generally do once I have paid in enough to cover my taxes.
@JaredBusch another perk of the uk - no filing of taxes is generally necessary - the PAYE system keeps track of how much you earn and pay as the year goes on.
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@larsen161 said:
@JaredBusch said:
My tax rate (counting healthcare) is something like 35% when I looked at my last paystub for 2015. Refund this will be about $3k because I forgot to change the amounts last fall like I generally do once I have paid in enough to cover my taxes.
@JaredBusch another perk of the uk - no filing of taxes is generally necessary - the PAYE system keeps track of how much you earn and pay as the year goes on.
Yeah, that is very nice. Taxes are a huge burden of effort in the US and very easy to get wrong and the onus is totally on the individual to be a tax expert. It's a terrible system.
And for those of us abroad, it's a huge pain. I was dealing with tax paperwork today, in fact, and had to drive my family all over just dealing with pointless logistics of tax filing.
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@JaredBusch said:
@travisdh1 said:
@Dashrender said:
@JaredBusch said:
My tax rate (counting healthcare) is something like 35% when I looked at my last paystub for 2015. Refund this will be about $3k because I forgot to change the amounts last fall like I generally do once I have paid in enough to cover my taxes.
That's weird - why would you pay in early? In fact, why not do the opposite, short them as much as possible, bank the cash and send them a check?
It's the world's worst savings plan! I've known people who used taxes like a savings account before, not such a great way to go about things. Personally I've got it to the point where it's as close to zero at tax time as possible (normally $40 or so either way.)
Because I forgot to adjust my W4 amounts last year. I normally do that about September once I have a solid grip on my expected tax for the year. I have long aimed for a ~$100 owe/refund amount.
If it wasn't for possible penalties, I'd pay zero all year and just write a check every year on April 15, get the interest myself.
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@Dashrender When I was self-employed that is what I did... the penalty for not filing my quarterly's was small enough I felt is wasn't worth my time dealing with.
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@Dashrender said:
@JaredBusch said:
@travisdh1 said:
@Dashrender said:
@JaredBusch said:
My tax rate (counting healthcare) is something like 35% when I looked at my last paystub for 2015. Refund this will be about $3k because I forgot to change the amounts last fall like I generally do once I have paid in enough to cover my taxes.
That's weird - why would you pay in early? In fact, why not do the opposite, short them as much as possible, bank the cash and send them a check?
It's the world's worst savings plan! I've known people who used taxes like a savings account before, not such a great way to go about things. Personally I've got it to the point where it's as close to zero at tax time as possible (normally $40 or so either way.)
Because I forgot to adjust my W4 amounts last year. I normally do that about September once I have a solid grip on my expected tax for the year. I have long aimed for a ~$100 owe/refund amount.
If it wasn't for possible penalties, I'd pay zero all year and just write a check every year on April 15, get the interest myself.
Since April 15 is my birthday, feel free to write me a check too.
