Taxed to death!

[HotelSecurity]

Is anyone else being taxed to death? Quebec has a good social system including Medicare & "Free" drug insurance. But we pay dearly for it. We are described as the most taxed place in North America. Is it true? Here are some figures.

One of my Officers that works 80 hours in 2 weeks earns: $1,097.60

He pays Federal tax of $89.55

Provincial tax of $108.77

Employement Insurance tax of $16.02

Pension tax of $51.87

With other deductions he takes home $826.82 of the $1,097.60

THEN

He pays 6% federal "Goods & Service tax on just about everything he buys or gets as a service (Groceries & rent are not taxed)

Next he pays 7.5% Quebec sales tax that is calculated AFTER the GST so he is paying a tax on a tax!!!

A homeowner pays city tax (Landloards calculate it into rents) & school tax!!! (The city tax on my $150,000.00 Condo was about $1,000.00, the school tax about $300.00)

How does this compare with other places?

[The Hussard]

Vive le Quebec libre

[integrator97]

One of my employees, last payday:
Gross - $1060.49
Federal tax - $80.00
State tax - $41.67 (provincial)
Social Security - $64.49 (pension)
Medicare - 15.09 (for retired /disabled-not healthcare- and not worth a flip)

After med insurance take home is $881.02

Employers pay the unemployment insurance here.

We pay about 9% sales tax on most things, accept groceries is lower, I think about 4%.

In the US, sales and state income tax will vary by state. One or two states have no income tax, and one or two no sales tax, but none have neither.

Our property tax is a little lower here in NW Arkansas, but I know of places where it's a lot higher than you. Some places are paying $2000 to $3000 on that 150K.

Of course, you've got the health care plan (not saying it's better or worse, just that it costs in tax $ instead)

All in all, I'd say it's more or less comparable, at least not way off the mark. We're all getting to little for what we pay in.

[OccamsRazor]

In the US, sales and state income tax will vary by state. One or two states have no income tax, and one or two no sales tax, but none have neither.

Alaska has neither, however, some of the local (city/borough) governments do charge sales taxes (usually around 3%).

[integrator97]

Alaska has neither, however, some of the local (city/borough) governments do charge sales taxes (usually around 3%).

Oops. Forgot about the state with all the oil money.

[Rooney]

I'm getting completely taxed to death. Since I'm self employed I have been paying ALOT more in taxes. Last year I paid more in taxes than I made 10 years ago in the whole year. Now I pay quarterly and I still frown when I see my tax deposit is more than I made in years past.

[integrator97]

Rooney,
Are you incorporated? That will help reduce your taxes, if you're an 'S' Corp.

[Rooney]

Rooney,
Are you incorporated? That will help reduce your taxes, if you're an 'S' Corp.

We are an 's' corp. We still have to pay taxes on earned money. Being single with no dependants making $$$ doesn't help either.

[HotelSecurity]

We are an 's' corp. We still have to pay taxes on earned money. Being single with no dependants making $$$ doesn't help either.

I can be adopted or same sex marriaged are legal in Quebec.......no never mind

[integrator97]

Well, I guess that's what you get for being so successful. There's always early retirement.

[Rooney]

Well, I guess that's what you get for being so successful. There's always early retirement.

Thats what I'm working on. Hopefully in the next 5-10 years. I try to invest in tax free accounts as much as possible. I'm also trying to keep my cost of living to a point that when I do retire it is for good. There are too many fish in the sea to not try to catch them.

[Rooney]

I can be adopted or same sex marriaged are legal in Quebec.......no never mind

I appreciate the offer. But I think I'll pass. Maybe after your surgery. lol