Quote:
Originally Posted by haymura
Can someone dumb this down for me. What yray is explaining is exactly what my situation is right now. Im working a full-time job making 40k a year and I took a part-time job that pays $12/hr for 30hrs a week. Are you guys saying my 2nd job is fruitless and not worth it?
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https://www.canada.ca/en/revenue-age...s.html#federal
Federal
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15% on the first $45,916 of taxable income, +
20.5% on the next $45,915 of taxable income (on the portion of taxable income over $45,916 up to $91,831), +
26% on the next $50,522 of taxable income (on the portion of taxable income over $91,831 up to $142,353), +
29% on the next $60,447 of taxable income (on the portion of taxable income over $142,353 up to $202,800), +
33% of taxable income over $202,800.
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Plus BC (Provincial)
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5.06% on the first $38,898 of taxable income, +
7.7% on the next $38,899, +
10.5% on the next $11,523, +
12.29% on the next $19,140, +
14.7% on the amount over $108,460
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For your income now concerned these are your ranges
first $38,898 20.06%
over $38,898 up to $45,916 22.70%
over $45,916 up to $77,797 28.20%
If you work more, you'll pay more taxes obviously but it'lll just feel incrementally less "worth it" as the cut gets deeper. Imagine making $15/hour and basically getting $10/hr after taxes after your existing 40-50 hours week.