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| *The Commerce Journal>>>Canada Taxes |
How much tax does the Canadian and American worker pay? |
Hi people does anyone know how much Tax the american and canadian worker pay out of their salary. I mean lets say I work for $3000 a month how much TAX do I need to pay out of that $3000. I hear its like Half $1500 is this true? I need to know for both Canada and America. Espicially Canada. For Canada, it depends on which province you live in. For $36k income, assuming you live in Alberta which province tax rate = 10%, you will need to pay: 1) Federal tax approx $4300 and 2) Provincial tax approx $$2100 i.e. total of $6400 (17.7% of $36k income). When your income goes up, so does your tax rate. For Federal tax purpose, your next level of tax rate is approx 22% for up to $72k income; 26% for up to $118k income; and 29% for marginal income more than $118k. Of course, you will still need to pay provincial tax and the rate is different for each province. Hope it helps I don't know about the US but in Canada it's 33% for the first $60K you make a year and 50% for anything after that. For example if you make $100K a year the first $60K is at 33% and the next $40K is at 50% so it averages out someplace in between. |
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