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Taxed to death!

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  • Taxed to death!

    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?
    I enforce rules and regulations, not laws.
    Security Officers. The 1st First Responders.

  • #2
    Vive le Quebec libre

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    • #3
      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.
      sigpic
      Rocket Science
      Making everything else look simple, since 1958.


      http://my.opera.com/integrator/blog/
      One Man's Opinion

      The Future. It isn't what it used to be.

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      • #4
        Originally posted by integrator97 View Post
        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%).

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        • #5
          Originally posted by OccamsRazor View Post
          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.
          sigpic
          Rocket Science
          Making everything else look simple, since 1958.


          http://my.opera.com/integrator/blog/
          One Man's Opinion

          The Future. It isn't what it used to be.

          Comment


          • #6
            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.

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            • #7
              Rooney,
              Are you incorporated? That will help reduce your taxes, if you're an 'S' Corp.
              sigpic
              Rocket Science
              Making everything else look simple, since 1958.


              http://my.opera.com/integrator/blog/
              One Man's Opinion

              The Future. It isn't what it used to be.

              Comment


              • #8
                Originally posted by integrator97 View Post
                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.

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                • #9
                  Originally posted by Rooney View Post
                  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
                  I enforce rules and regulations, not laws.
                  Security Officers. The 1st First Responders.

                  Comment


                  • #10
                    Well, I guess that's what you get for being so successful. There's always early retirement.
                    sigpic
                    Rocket Science
                    Making everything else look simple, since 1958.


                    http://my.opera.com/integrator/blog/
                    One Man's Opinion

                    The Future. It isn't what it used to be.

                    Comment


                    • #11
                      Originally posted by integrator97 View Post
                      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.

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                      • #12
                        Originally posted by HotelSecurity View Post
                        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

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