Quote:
Originally Posted by haymura
ok I get it now. So in essence, with the total gross income with both FT + PT job it puts you at a higher bracket and with that deduction it puts your 2nd job at an hourly rate of almost nothing (in my case $12/hr will become $7 - $9) which is not worth my time, effort, and physical stress.
Did I nail that right in?
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Yup, that's what the guys have been saying.
In extreme cases (when you're pulling in over $200k), the combined federal and provincial marginal tax rate is 47.7%. So your $12/hr job is only giving you less than $6.27/hr.
(But pulling in $200k from a $12/hr job... Hmm...)