Quote:
Originally Posted by CRS
Combined provincial and federal ($30,664.76 + $13,915.50 = $44,580.26
Income: $147,473
Taxes paid in percentage for both ($44,580.26/ $147,473) is 30.23%. I don't think you're paying 45.8% marginal tax on 154k since the increase would just the next bracket up for about 7k.
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Dude, you have just calculated the
effective tax rate for this hypothetical $147k earner. You do realize that the
marginal tax rate is not the same as the effective tax rate, right?
Please repeat this after me:
marginal tax rate =\= effective tax rate
